Sanad Fund for MSME, a Luxembourg-based investor in lenders to micro-, small and medium enterprises (MSMEs), recently loaned USD 5 million to Al Majmoua, a provider of financial and business development services to underserved groups in Lebanon. The funds are to be on-lent to low-income individuals for housing improvements and to very small enterprises for business needs.
Al Majmoua was formed in 1994 in Lebanon as nonprofit microcredit organization by Save the Children, a UK-based NGO, to support low-income individuals in building businesses. As of 2017, Al Majmoua reported total assets of USD 85 million, a gross loan portfolio of USD 72 million and 72,800 active borrowers. As of 2019, it has 22 branches. The institution does not accept deposits.
Sanad is a public-private partnership that was founded in 2011 and is domiciled in Luxembourg. It is an initiative of German development bank Kreditanstalt für Wiederaufbau (KfW) and is funded Germany’s GLS Bank; the EU; and the development finance institutions of the Austrian, German and Swiss governments. Sanad invests in Algeria, Egypt, Iraq, Jordan, Lebanon, Morocco, the Palestinian Territories, Tunisia and Yemen with an emphasis on Egypt and Tunisia. As of 2018, Sanad has total available funding of USD 289 million. It is advised by Germany’s Finance in Motion, which manages assets valued at EUR 1.9 billion (USD 2.2 billion) as of 2018.
By Shuyang Sun, Research Associate
Sources and Additional Resources
Sanad press release
https://www.sanad.lu/Press-Releases—2019-02-26-SANAD-and-Al-Majmoua-advance-financial-inclusion-in-Lebanon——_site.index..html_dir._siteid.67_nav._entryid.575_likecms.html
Al Majmoua home page
www.almajmoua.org
MIX profile: Al Majmoua
https://www.themix.org/mixmarket/profiles/al-majmoua
Sanad home page
www.sanad.lu
Sanad fact sheet
https://www.sanad.lu/media/finance/Sanad%20at%20a%20glance%20english%20Q3_2018.pdf
Finance in Motion home page
www.finance-in-motion.com
Finance in Motion impact report
https://www.finance-in-motion.com/fileadmin/user_upload/06_publications/Finance_in_Motion_Impact_Investment_Report_2017.pdf
MicroCapital Brief: Sanad Fund for MSME Loans $5m to The National Bank (TNB) of the Palestinian Territories for Microfinance
https://www.microcapital.org/microcapital-brief-sanad-fund-for-msme-loans-5m-to-the-national-bank-tnb-of-the-palestinian-territories-for-microfinance/
Did you know that MicroCapital publishes the MicroCapital Monitor newspaper each month? Find out more at https://www.microcapital.org/products-page/.
Similar Posts:
- MICROCAPITAL BRIEF: Sanad Fund for MSME Raises $26m from ASN Bank, Calvert Impact to Boost Financial Inclusion, Resilience in MENA
- MICROCAPITAL BRIEF: Mastercard, Vodafone Fiji Partner to Provide Debit Cards to Mobile Money Users
- MICROCAPITAL BRIEF: Elm of Saudi Arabia Partners with IrisGuard to Bring Biometric Identification to Government-to-person (G2P) Payments in Africa, Asia
- MICROCAPITAL BRIEF: Uzpromstroybank (UzPSB) Borrowing $15m from EBRD for SMEs in Uzbekistan
- MICROCAPITAL BRIEF: Reefy Microfinance Borrows $6.5m from EBRD for Youth-led MSMEs in Egypt
