The Sanad Fund for MSME (Micro Small and Medium Enterprises), a provider of loans and equity to financial institutions in the Middle East and North Africa, recently announced that it will lend an additional USD 10 million to AlexBank, an Egypt-based financial services institution, to on-lend to MSMEs in Egypt [1].
Dante Campioni, the Managing Director and CEO of AlexBank, said “The MSME segment is of vital importance for the healthy growth of the Egyptian economy. As a […] component of the Egyptian banking sector, we are pleased to be able to increase our outreach and enhance the access to credit for this vibrant segment, and to be able to strongly support job creation [1].”
As of March 2016, Sanad has raised total investor commitments of USD 186 million. As of June 2016, AlexBank has sold part of its shares to Intesa Sanpaolo, an Italian banking group, and the International Finance Corporation, the private-sector arm of the World Bank Group, owning respectively 80 percent and 9.75 percent. As of the same data, it reported total assets of EGP 50 billion (USD 5.6 billion) [2].
By Kevin van den Brink, Research Associate
About Sanad Fund for Micro Small and Medium-Sized Enterprises (MSME)
The Sanad Fund for Micro Small and Medium- Sized Enterprises (MSME) is a private-public partnership that provides “medium- and long-term” loans and equity to financial institutions in the Middle East and North Africa with the intent of strengthening MSMEs as well as local financial markets. It is an initiative of the German development bank Kreditanstalt für Wiederaufbau (KfW), and it is funded by the European Union (EU) and the German Federal Ministry of Economic Cooperation and Development, which is known by its German acronym BMZ. Sanad was founded in 2011 and is domiciled in Luxembourg. It invests in Algeria, Egypt, Iraq, Jordan, Lebanon, Morocco, the Palestinian Territories, Tunisia and Yemen with an emphasis on Egypt and Tunisia. As of March 2016, Sanad has raised total investor commitments of USD 186 million.
Sources and Additional Resources
[1] Sanad, Press Releases, “Sanad Lends Additional USD 10 mln to Egypt’s AlexBank”
[2] AlexBank, Investor Relations, “Financial Statement 30/06/2016”
MicroCapital Universe Profile: Sanad Fund for MSME
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