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TunisiaEU’s SANAD Fund launches Sandah for Microfinance in Egypt
The EU co-founded SANAD Fund launches Sandah for Microfinance in Egypt
Egypt’s newest microfinance lending institution, Sandah for Microfinance, celebrated its launch with an opening ceremony held in Cairo on 8 May 2018. With the Arab African International Bank (AAIB) and the SANAD Fund for MSME (SANAD) as its founding shareholders, Sandah is the first company to be established with the support and backing of international investors since the Egyptian Financial Regulatory Authority (EFRA) introduced the new framework governing microfinance.
Now the company is poised to become a premier provider of financial services to the micro and very small enterprise (MVSE) segment, and is well positioned to meet underserved demand for MVSE financing in the governorates of Upper Egypt and the Delta Region in particular.
Established in 2011, the SANAD Fund for MSMEs finances micro, small and medium enterprises and low-income households in the Middle East and North Africa via qualified local lenders. SANAD thereby fosters economic development and job creation – including youth employment – agriculture, affordable housing, and innovations in finance and financial technologies. SANAD’s investors include the KfW Development Bank and the European Union.
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Egypt
