The SANAD Fund for MSMEs, which is advised by Finance in Motion, has marked its five-year anniversary by hosting more than 100 guests at a celebratory event in Cairo, the capital city of one of the nine markets the impact investing fund serves. Since its inception in 2011, the fund has provided some USD 215 million in the form of nearly 70,000 sub-loans to micro, small and medium enterprises in the Middle East and North Africa. In early September 2016, SANAD was in the process of disbursing over USD 75 million more in financing to its local partners, who on-lend the funding.
The SANAD-Celebrating 5 years of Impact event featured a wide range of guests and speakers from the public and private sectors, including Wolfgang Reuss, the SANAD Fund board chairman; Reinhold Brender, the deputy head of the European Union’s delegation to Egypt; Sebastian Lesch, the head of German Development Cooperation at the German embassy in Cairo; Sherif Samy, chairman of the Egyptian Financial Supervisory Authority; and Maged Helmy, CEO of the major regional business conglomerate Wadi Degla.
SANAD Board Chairman Reuss described the fund’s impact: “The Arab Spring movements have clearly shown that the support of employment generation is of utmost importance to the Middle East and North Africa. In the region, the fund’s ability to leverage investments through a public-private partnership model is unique. With flexible and tailor-made solutions, the fund successfully addresses the financing needs of micro, small and medium enterprises.”
Egypt’s Global Leasing Company, a Wadi Degla subsidiary in which SANAD holds a minority stake, has also enjoyed the benefits of its partnership with the fund, according to company CEO Hatem Samir. “SANAD played a significant role in our decision to increase our leasing services to include small and medium enterprises. This expansion of our business has proven both beneficial to our bottom line and to the companies we serve.”
The event attracted around 30 national and international journalists from major print publications and television networks. Al Borsa, one of Egypt’s leading financial newspapers, offered a succinct opinion of SANAD: “The fund has been quick and efficient in supporting the MSMEs in the region since its launch in 2011.”
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