SANAD Fund for MSME, a Luxembourg-based investment fund, has invested in Lebanon for the first time with a USD 5 million loan to BLC Bank sal, a Lebanese commercial bank. The loan will allow BLC to expand its lending to small and medium-sized enterprises.
SANAD Fund for MSME (SANAD) provides medium- and long-term debt and equity financing to commercial banks, microfinance institutions (MFIs) and other financial institutions in the Middle East and North Africa (MENA) with the intent of strengthening the micro-, small and medium-sized enterprise (MSME) sector and local financial markets. As of September 2011, SANAD had raised commitments of USD 34 million.
BLC, incorporated in 1950, operates a network of 51 branches throughout Lebanon and Cyprus. BLC Bank subsidiaries include USB Bank PLC Cyprus, which offers financial services through its 16 branches on the island of Cyprus and BLC Finance and BLC Services which are based in Lebanon and offer fund management, proprietary trading, floor brokerage and margin lending. Financial Information for BLC is not available.
About SANAD Fund for MSME (SANAD):
Founded in August 2011, SANAD Fund for MSME (SANAD) provides medium- and long-term debt and equity financing to commercial banks, microfinance institutions (MFIs) and other financial institutions in the Middle East and North Africa (MENA) with the intent of strengthening the micro-, small and medium-sized enterprise (MSME) sector and local financial markets. As of September 2011, SANAD had raised commitments of USD 34 million. SANAD will initially be focusing on Egypt, Jordan, Lebanon, Tunisia, followed in stages by Algeria, Iraq, Morocco, the Palestinian Territory, Syria and Yemen.
About BLC Bank sal:
BLC, incorporated in 1950, operates a network of 51 branches throughout Lebanon and Cyprus. BLC Bank subsidiaries include USB Bank PLC Cyprus, which offers financial services through its 16 branches on the island of Cyprus and BLC Finance and BLC Services which are based in Lebanon and offer fund management, proprietary trading, floor brokerage and margin lending. Financial Information for BLC is not available.
By Ariana Malushi, Research Associate
Press Release submitted to MicroCapital, December 2011
http://www.sanad.lu/home
MicroCapital.org Story, December 29, 2011, “MICROCAPITAL BRIEF: Grameen-Jameel Achieves 1.5m Microfinance Clients Reached, $53m Facilitated”
https://www.microcapital.org/microcapital-brief-grameen-jameel-achieves-1-5m-microfinance-clients-reached-53m-facilitated/
MicroCapital.org story, March 15, 2010, “MICROCAPITAL BRIEF: CGAP, Deutsche Bank, Grameen-Jameel and Islamic Development Bank partner to launch Islamic Microfinance Challenge 2010”
https://www.microcapital.org/microcapital-brief-cgap-deutsche-bank-grameen-jameel-and-islamic-development-bank-partner-to-launch-islamic-microfinance-challenge-2010/
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