Sanad Finance: Grants $ 80 million to Egypt

Sanad Finance: Grants $ 80 million to Egypt

The Fund’s Director of the Sanad Fund for Micro, Small and Micro Enterprises in Egypt, Iraq and Yemen said that the fund plans to grant loans in Egypt worth $ 30 million in 2018 and $ 50 million in 2019 to total $ 80 million. On the sidelines of the “Ye! Egyptian Entrepreneurs” Awards, Mohamed Moussa said that the Fund has provided loans worth $ 170 million in Morocco, Tunisia, Lebanon, Jordan and Palestine, as well as $ 70 million since 2014 in Egypt. He pointed out that the loans granted in Egypt are distributed among banks: Egyptian National Bank for $ 22.5 million, Cairo for $ 10 million, Export Development Bank for $ 10 million, National Bank of Kuwait for $ 10 million and Alexandria for $ 20 million. With a number of banks, and now in the stage of the examination of ignorance with banks to grant them loans during the coming period, in addition to negotiating with 4-5 companies to grant loans in local currency for the first time worth 100 million pounds during the current year. The regional director of the Sanad Fund for SME Financing in Egypt, Iraq and Yemen stressed that the Fund provides loans and capital to financial institutions such as banks for finance leasing companies and microfinance to re-lend to small, medium and micro enterprises or to finance social housing units. Which is provided by the Fund from grants, loans and capital from international institutions which he refused to mention, pointing out that the Fund’s work is purely developmental and works to cover its costs, since profit is not a main objective. Among the investors of the Fund is the German Development Bank (KfW), which was established in 2011 with the financial support of the German Federal Ministry for Economic Cooperation and Development (BMZ), the European Union, the SECO and the Austrian Development Bank (OEEB) (GLS), and the Dutch Development Bank (FMO). The fund is a public-private partnership, and advisory services are provided by Finance in Motion GmbH Frankfurt am Main.

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