The Egyptian unit of UAE-based Abu Dhabi Islamic Bank (ADIB) recently acquired a license from Egypt’s Financial Regulatory Authority to operate its subsidiary ADI Microfinance. The microfinance institution will offer
Tag: Middle East
MICROCAPITAL BRIEF: Grameen Crédit Agricole Foundation Loans $3.2m to Faten for Microfinance in Palestine
The Luxembourg-based Grameen Crédit Agricole (GCA) Foundation recently disbursed a local-currency loan approximately equivalent to USD 3.2 million to the microfinance institution (MFI) Palestine for Credit and Development, which is also known by its Arabic name Faten. Founded in 1999 and based in Palestine’s West Bank, Faten is an NGO that seeks to
MICROCAPITAL BRIEF: Palestinian Monetary Authority, European Investment Bank (EIB) Announce $63m Package for MSMEs in Gaza Adjusting to COVID-19 Pandemic, with Focus on Companies Run by Women, Youth
The EU’s European Investment Bank (EIB) recently announced it will disburse EUR 60 million (USD 63 million) to the Palestinian Monetary Authority (PMA), with USD 50 million of the total to be on-lent by retail lenders in Gaza to micro-, small and medium-sized enterprises (MSMEs). The remainder of the funding will
MICROCAPITAL BRIEF: POSRocket Raises $5m to Expand Point-of-sale Payment Systems, Related Technology for Small Businesses in MENA
POSRocket, a Jordan-based provider of point-of-sale (POS) technology, recently raised USD 5.1 million in an equity round led by Algebra Ventures, an Egypt-based firm that invests in technology, and Sanad Fund for MSME, a Luxembourg-based vehicle targeting micro-, small and medium-sized enterprises (MSME) in the Middle East and North Africa (MENA). The other participating investors are
MICROCAPITAL BRIEF: IFC, We-Fi Invest $2.5m in Flat6Labs to Support Entrepreneurship in Jordan
The International Finance Corporation (IFC), a member of the World Bank Group, recently agreed to invest USD 2 million in Flat6Labs Amman, a venture capital fund in Jordan, to support
MICROCAPITAL BRIEF: Microfund for Women (MFW) Expands Digital Capabilities via MoneyPhone Technology
Microfund for Women (MFW), a nonprofit microfinance institution in Jordan, recently partnered with MoneyPhone, a Netherlands-based financial technology (fintech) company, to enhance its digital offerings in response to the COVID-19 pandemic. Bdour Al-Hyari, the director of strategic planning and business development at MFW, cited the “opportunity for us to introduce new digital services, such as
MICROCAPITAL BRIEF: Sanad Fund for MSME Launches Equity Sub-Fund II with $23m from BMZ, EU to Invest in Financial Inclusion, Job Creation in Middle East, North Africa
The Sanad Fund for MSME, a Luxembourg-domiciled investor in micro-, small and medium-sized enterprises (MSMEs), recently launched its Equity Sub-Fund (ESF) II, to invest in financial intermediaries with the aim of increasing financial inclusion and job creation in the Middle East and North Africa. The sub-fund’s mandate includes
MICROCAPITAL BRIEF: Sanad Fund for MSME Loans $5m to Al Majmoua for Enterprise, Housing Microfinance in Lebanon
Sanad Fund for MSME, a Luxembourg-based investor in lenders to micro-, small and medium enterprises (MSMEs), recently loaned USD 5 million to Al Majmoua, a provider of financial and business development services to underserved groups in Lebanon. The funds are to be on-lent to low-income individuals for housing improvements and to very small enterprises for business needs.
MICROFINANCE EVENT: 8th Global Islamic Microfinance Forum; November 25-26, 2018; Dubai, UAE
Event Summary: The goal of the Global Islamic Microfinance Forum is to increase awareness of Islamic finance as a viable option to help people, particularly those with low incomes. Instead of using conventional interest payments, Islamic lenders employ concepts such as profit and loss sharing.
The forum will include sessions on funding challenges, the Qarz E-Hassan
MICROCAPITAL BRIEF: Invest in Visions’ IIV Mikrofinanzfonds Lends $4.7m to Microfinance Institution ASA Pakistan
Germany-based Invest in Visions (IIV) recently announced that it loaned USD 4.7 million in July to ASA Pakistan, a microfinance institution (MFI) in Pakistan. IIV disbursed the loan from its microfinance investment vehicle, IIV Mikrofinanzfonds, which lends to MFIs in developing countries.
MICROFINANCE EVENT: Finance for Refugees: “Making it Work;” September 7, 2018; The Hague, the Netherlands
Organized by the NpM Platform for Inclusive Finance, which was formerly known as the Netherlands Platform for Microfinance, this event will explore ways financial service providers can deliver products and services to refugee communities. One of the primary goals of the conference is to encourage private-sector investment in financial inclusion for refugees
MICROCAPITAL BRIEF: EBRD Loans $29m to Turkish Leasing Firm QNB Finans Finansal Kiralama for Energy-efficiency Investments
The European Bank for Reconstruction and Development (EBRD), a UK-based multilateral institution, recently loaned EUR 25 million (USD 29 million) to Qatar National Bank Finans Finansal Kiralama (QNB Finans Leasing), a subsidiary of the Turkish commercial bank, QNB Finansbank.
MICROCAPITAL BRIEF: Canada Donating $29m for Youth, Women’s Entrepreneurship Programs in Palestine to be Run by CARE Canada, CowaterSogema International, Mercy Corps, Save the Children
The government of Canada recently announced it will fund four projects under its program titled Women and Youth Empowerment, Entrepreneurship and Employment in the West Bank & Gaza. More specifically, Global Affairs Canada, the government’s international development and diplomatic relations department,
MICROFINANCE PAPER WRAP-UP: IFC, Sanabel: Transforming Microfinance Institutions in the Arab World; by Alex Silva, Mohammed Khaled, Karen Beshay
This is a summary of a paper by Alex Silva, Mohammed Khaled and Karen Beshay; published by the International Finance Corporation (IFC); May 2018; 40 pages; available at:
https://www.ifc.org/wps/wcm/connect/1ffc3ec0-63ac-4426-863c-c7d1b8b0df46/ESOP-Transforming+22-5-2018.pdf?MOD=AJPERES
In March 2017, the International Finance Corporation (IFC), a unit of the World Bank Group, and Sanabel, a network of microfinance institutions (MFIs) in the Arab region, conducted a survey of 20 MFIs
MICROCAPITAL BRIEF: World Bank Donating $13m to Support Angel Investors, Networking for Startups in Gaza, West Bank
The US-based World Bank recently announced it will disburse grant funds totaling USD 13 million over seven years to launch the “Innovative Private Sector Development Project,” which is designed to improve networking and financing opportunities for firms operating in the Palestinian Territories.
MICROCAPITAL BRIEF: World Bank Group’s IBRD Lending $400m to Industrial Development Bank of Turkey (TSKB) for SMEs, “Women-inclusive” Enterprises, Businesses Serving Syrian Refugees
The International Bank for Reconstruction and Development (IBRD), a unit of the US-based World Bank, recently approved a 29-year loan of USD 400 million to the Inclusive Access to Finance Project, an initiative sponsored by the Turkish government that is designed
MICROCAPITAL BRIEF: European Bank for Reconstruction and Development (EBRD) Loans $80m to Turkey’s Vakiflar Bankasi (Vakifbank) for SME Energy-Efficiency Projects
The European Bank for Reconstruction and Development (EBRD), a UK-based development finance institution established in 1991, has directed the equivalent of USD 80 million in Turkish lira to Vakiflar Bankasi (Vakifbank), a state-controlled Turkish bank, to be on-lent to small and medium-sized enterprises (SMEs) in Turkey to pursue small-scale renewable energy projects and other investments that reduce their greenhouse emissions.