FMO invested USD 25mln in the SANAD Debt Sub-Fund for MSME to support small businesses in the Middle East and North Africa (MENA).
Sanad means support in Arabic. The Fund seeks to promote stability in a challenging region by expanding financial inclusion for micro-, small- and medium-sized enterprises (MSMEs) that often have difficulties finding access to capital for starting or growing a business. SANAD loans to local financial institutions are on-lent to support MSMEs in multiple sectors (agribusiness, housing, and youth and gender initiatives). The Fund will expand its product offering to include direct lending to agribusinesses. Continuing the support for SANAD in this second investment since 2016 is an important step for FMO to further support entrepreneurs and SMEs in this part of the world, affected by unemployment and inequality.