ASN Bank and Calvert Impact invest in SANAD

Luxembourg, Amsterdam, and Bethesda, 22 May 2023 – ASN Bank and Calvert Impact Captial have   invested around USD 16.5 million (EUR 15 million) and USD 10 million in the SANAD Fund for MSMEs, respectively. The funding is a significant endorsement by the Netherlands-based bank and the US-based global nonprofit investment firm of the SANAD Fund, which is dedicated to supporting micro, small, and medium enterprises in the Middle East and North Africa (MENA region).

As one of the leading impact investment vehicles focused on the MENA region, SANAD has enabled over USD 1 billion in loans to MSMEs and households since its inception in 2011. Its blended finance structure channels public and private capital, mobilizing private investments to where they can create a  significant impact. Moreover, by investing in local partner institutions that share the fund’s commitment to financial inclusion, particularly among underprivileged sections of society, such as women and youth, SANAD improves the local financial sector’s capacity to meet the needs of MSMEs while directing capital and expertise to this vital group. 

As part of de Volksbank, ASN Bank is known for its commitment to sustainability. It follows rigorous environmental, social, and governance criteria. The Volksbank regularly receives high scores in the Dutch Fair Bank Guide.

Calvert Impact is a global nonprofit investment firm that helps investors and financial professionals invest in solutions that people and the planet need. During its over 25-year history, Calvert Impact has mobilized over USD 4 billion to grow local community and green finance organizations. 

These organizations working in partnership is ideal because all share a deep  commitment to sustainability and financial inclusion. Moreover, ASN Bank has a reputation as the most significant sustainable bank in the Netherlands, and Calvert Impact has a proven track record of contributing to measurable, positive social and environmental impact through its investments.  SANAD has unparalleled regional knowledge, providing both funding and capacity building to financial intermediaries who, in turn, uplift entrepreneurs and small-scale farmers.

SANAD Board Chairperson Dr. Daniela Beckmann said, “We are excited to partner with ASN Bank and Calvert Impact. Both share our outlook regarding sustainable and impact investing. We believe these long-term relationships will lead to greater employment and empowerment of communities in our target regions. Micro, small, and medium enterprises account for nearly two-thirds of GDP and almost three-quarters of employment in the Middle East, and North  Africa. Yet, they struggle to obtain loans to grow their businesses, which is why ASN Bank and Calvert Impact’s investment will further help SANAD to contribute to their livelihoods.”

ASN Director Arie Koornneef comments: “We are delighted to start the relationship with the SANAD Fund for MSMEs due to their track record in creating work opportunities and realizing economic growth in Middle East, North and sub-Saharan Africa. ASN Bank and SANAD share the same ambition to foster social sustainability. With this investment, we support the region’s MSME sector, aligned with our mission to contribute to a more sustainable world that is safe and healthy to live in, and where the environment is respected, both in the present and the future.”

“SANAD Fund does critical work to support small businesses in the Middle East and North Africa, allowing them to fulfill their role as engines of inclusive, local economic growth”  said Catherine Godschalk, Vice Presidents of Investments  at Calvert Impact. “We’ve worked with Finance in Motion and SANAD since 2017 and have been thrilled to see their continued growth and success. Their focus on supporting women and other underrepresented populations in the region is especially important and aligns with our values as gender lens investors.”

About SANAD 
The SANAD Fund for MSME finances micro, small, and medium enterprises and low-income households in the Middle East and North Africa and selected countries in sub-Saharan Africa via qualified local lenders. SANAD thereby fosters economic development and job creation – including youth employment – agriculture, affordable housing, and innovations in finance and financial technologies. SANAD strives to meet these goals by providing debt and equity financing to its local partners. The SANAD Technical Assistance Facility multiplies the fund’s development impact and outreach through capacity-building with partner institutions, developing financial infrastructures according to the principles of responsible finance and conducting much required R&D. 
An impact investment fund advised by Finance in Motion, SANAD’s investors include the KfW Development Bank, which initiated the fund; the German Federal Ministry for Economic Cooperation and Development (BMZ); the European Union; Switzerland’s State Secretariat for Economic Affairs (SECO); OeEB, the Development Bank of Austria; Germany’s GLS Bank and GLS Treuhand; the Dutch development bank FMO; and Calvert Impact Capital. 

For more information on the SANAD Fund for MSME, please visit:  
For more information on Finance in Motion, please visit:  

About ASN Bank
ASN Bank was founded in 1960. For already 60 years, our mission as a bank has been to foster environmental and social sustainability. Our customer base consists mainly of personal current account holders, savers and investors in the ASN investment funds. We use the money that our customers entrust to us to promote sustainable development. We thus help to create a world that is safe and healthy for people to live in, and where the environment is respected, both in the present and in the future.
For more information, please visit:

About Calvert Impact 
Calvert Impact is a global nonprofit investment firm that helps investors and financial professionals invest in solutions that people and the planet need. During its 25+-year history, Calvert Impact has mobilized over $4 billion to build and grow local community and green finance organizations through its flagship Community Investment Note™ and structuring services. Calvert Impact uses its unique position to bring the capital markets and communities closer together. More at

Media contact – SANAD
Anne Johnson 
Senior Officer, Marketing & Communications 
Phone: +49 (0)69 271 035-742 

Media contact – ASN Bank
Monique Messelink
Senior advisor Communications
Phone: +31 (0)6 535 157 81

Media contact – Calvert Impact
Contact  Greg Joslyn 
Role : Principal and Executive Vice President Media Relations, Lowe Group 

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