SANAD accelerates impact investments to support MSMEs in mitigating effects of COVID-19 crisis
February 3, 2021
In response to the COVID-19 pandemic, the SANAD Fund for MSME (SANAD) strengthened its financing activities and closed the 2020 business year with a record volume of impactful investments.
The fund continued to support employment and access to finance for micro, small and medium enterprises (MSMEs) in the Middle East, North Africa, and selected countries in sub-Saharan Africa. SANAD disbursed a total of USD 110 million in loans to financial institutions that specialize in serving MSMEs, channeling much-needed liquidity to this crucial segment as it grapples with the economic ramifications of the COVID-19 crisis. The financing was supplemented by more than 50 new business support initiatives led by the SANAD Technical Assistance Facility (TAF), another all-time high.
SANAD has focused exclusively on impact investments to promote entrepreneurship in the Middle East and North Africa (MENA) since 2011. As MSMEs form the backbone of the region’s economy, the fund provides both debt and equity financing to institutions dedicated to equipping local businesses with the resources they need to succeed. Financial inclusion for the underfunded, especially women and young entrepreneurs, is a particular focus.
In 2020, the fund moved swiftly to approve an unprecedented volume of new investments to support its investees in helping small businesses confront the financial difficulties brought about by the coronavirus outbreak.