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United Arab Emirates EU co-financed fund supports Egyptian bank to increase access to finance for SMEs
September 28, 2016
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The SANAD Fund for micro, small and medium enterprises (MSMEs), co-funded by the EU, announced this week an additional USD 10 million senior loan to AlexBank in Egypt to support the lender’s ongoing expansion of financing for Egyptian micro, small and medium enterprises (MSMEs).
The Egyptian lender operates a specialised SME department along with decentralised SME business centers throughout the country to increase outreach and access to finance. It is also one of the few banks in the country that is heavily engaged in microfinance services.
The SANAD Fund for MSME (SANAD) 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. (EU Neighbourhood Info)
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SANAD Fund – website
Countries covered:
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Egypt
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