EU’s SANAD Fund supports small and medium enterprises in Jordan
January 31, 2019
The EU-funded SANAD Fund for MSME (SANAD) has joined forces with AL IMDAD for Supply Chain Financing (Al IMDAD), a Jordanian financial institution and subsidiary of INVESTBANK, to support the development of local small and medium enterprises (SMEs) in Jordan. By providing AL IMDAD with a local currency loan equivalent to USD 2 million, SANAD aims to help the institution expand its services to SMEs engaged in manufacturing, import and export, and trade.
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.