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TunisiaFive years of support to micro, small and medium enterprises: SANAD Fund celebrates its fifth anniversary
September 19, 2016
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The SANAD Fund for micro, small and medium enterprises (MSMEs), co-funded by the EU, celebrated its fifth anniversary earlier this month in Cairo, Egypt, one of nine markets it serves. In five years, SANAD provided around EUR 193 million to nearly 70,000 MSMEs, and supportedsmall and midsize businesses to promote job creation and youth employment in the Middle East and North Africa.
The SANAD Fund for MSME (SANAD) was established in 2011 to foster economic development and create jobs, particularly for youth, in the Middle East and North Africa by providing debt and equity funding to local financial institutions that lend money to support MSMEs and housing development. The SANAD Technical Assistance Facility multiplies the fund’s development impact and outreach through capacity-building at partner institutions, developing financial infrastructures according to the principles of responsible finance and conducting much required R&D.
SANAD’s investors include the KfW Development Bank, which initiated the fund, the European Union, the German Federal Ministry for Economic Cooperation and Development (BMZ), the Austrian development bank OeEB, and Switzerland’s State Secretariat for Economic Affairs (SECO). (EU Neighbourhood Info)
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SANAD Fund – website
