The SANAD Fund for micro, small and medium enterprises (MSMEs), co-funded by the EU, has provided Byblos Bank a loan facility of $20 million, to be on-lent to small and medium enterprises (SMEs) in Lebanon, in a bid to support their financing needs and ultimately contribute to job creation, poverty reduction, and overall economic growth and development.
This loan, the first such facility provided by SANAD to Byblos Bank, will be made available to SMEs in almost all parts of the country thanks to the Bank’s wide network. Companies operating in any of the economic sectors including trade, industry, service, crafts or any of the small and underserved professions, will have access to short- or medium-term financing to cover their needs, whether investment or working capital, at attractive interest rates.
The SANAD Fund 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 Fund – website