MICROCAPITAL BRIEF: Sanad Fund for MSME Lends $20m to Amen Bank for Very Small, Small, Medium-sized Enterprises in Tunisia

The Sanad Fund for MSME (micro-, small and medium-sized enterprises), a Germany-based fund providing loans in the Middle East and North Africa, recently provided a senior loan of USD 20 million to Amen Bank, a Tunisia-based private commercial bank. The loan will be used to support very small, small and medium-sized enterprises within the country.

According to a statement by Ahmed El Karm, the Board President of Amen Bank, “Given the increasing importance of small and medium enterprises for the Tunisian economy, our partnership with Sanad will help increase Amen Bank’s capacity to finance this sector, and hence contribute to sustaining the creation of employment in Tunisia.”

As of 2013, Amen Bank had total assets of TND 7.2 billion (USD 3.7 billion) with TND 4.9 billion (USD 2.5 billion) in deposits. As of 2015, the bank has 151 branches and majority ownership of six subsidiaries in various areas of the financial sector. As of 2014, Sanad has raised total investor commitments of USD 123 million, with USD 90 million in approved investments. Its funders include the German government and the European Union.

By Ananya Tiwari, Research Associate

About Sanad Fund for MSME (Sanad)
The Sanad Fund for Micro-, Small and Medium Enterprise (MSME) provides “medium- and long-term” debt and equity financing to financial institutions in the Middle East and North Africa with the intent of strengthening local financial markets and the micro-, small and medium-sized enterprise (MSME) sector. The fund is an initiative of the German development bank Kreditanstalt für Wiederaufbau (KfW), and it was originally funded by the German Federal Ministry of Economic Cooperation and Development (known by its German acronym BMZ) and the European Union. It was founded in 2011 and is domiciled in Luxembourg. Sanad focuses its investments in Algeria, Iraq, Jordan, Lebanon, Morocco, the Palestinian Territories, Syria and Yemen as well as effecting a particular emphasis on Egypt and Tunisia. As of 2014, Sanad has raised total investor commitments of USD 123 million, with USD 90 million in approved investments.

About Amen Bank
Amen Bank is a Tunisia-based private commercial bank that was founded in 1966. Until 1995, it was known as Crédit Foncier et Commercial de Tunisie. As of December 2013, Amen Bank had total assets of TND 7.2 billion with TND 4.9 billion in deposits. As of 2015, the bank has 151 branches and has a majority ownership in six subsidiaries in various areas of the financial sector.

Sources and Additional Resources

[1] Sanad Press Release, http://www.sentpressrelease.com//email/attachment/download?hash=4ba1f9508024ed7587777286e6754a18f958fb2dc1b132ddd4a72c7ff9852ff5

MicroCapital, July 30, 2014, Sanad Fund for MSME Lends $9m to Tunisie Leasing to Support Micro-, Small, Medium-sized Enterprises (MSMEs) in Tunisia, https://www.microcapital.org/microcapital-brief-sanad-fund-for-msme-lends-9m-to-tunisie-leasing-to-support-micro-small-medium-sized-enterprises-msmes-in-tunisia/

MicroCapital, July 24, 2013, Sanad Fund for MSME Loans $6m to Enda Inter-Arabe of Tunisia for Young Entrepreneurs, Micro, Small, Medium-sized Enterprises in Rural Areas, https://www.microcapital.org/microcapital-brief-sanad-fund-for-msme-loans-6m-to-enda-inter-arabe-of-tunisia-for-young-entrepreneurs-micro-small-medium-sized-enterprises-in-rural-areas/

MicroCapital Universe Profile: Sanad Fund for MSME (Sanad), https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=SANAD+Fund+for+MSME+%28SANAD%29

Do you know that MicroCapital publishes the MicroCapital Monitor newspaper each month? Find out more at https://www.microcapital.org/products-page/

 

Similar Posts: