The Sanad Fund for MSME (micro-, small and medium-sized enterprise), a Luxembourg-based partnership that provides loans to financial institutions in the Middle East and North Africa, recently loaned USD 10 million to National Bank of Kuwait-Egypt (NBK-Egypt), the Egyptian unit of NBK.
Yasser Hassan, the Managing Director of NBK-Egypt, said, “Under this loan, we will provide credit facilities to SMEs [small and medium-sized enterprises] according to the economic feasibility of each project. This step stems from the confidence of the National Bank of Kuwait Group in the Egyptian economy and the prospects for growth…”
As of March 2016, Sanad has raised total investor commitments of USD 186 million. As of 2015, NBK-Egypt reported EGP 38 trillion (USD 4 billion) in total assets.
By Jason Wei, Research Associate
Sources and Additional Resources
About the Sanad Fund for MSME
The Sanad Fund for MSME (micro-, small and medium-sized enterprise) is a private-public partnership that provides “medium- and long-term” loan and equity to financial institutions in the Middle East and North Africa with the intent of strengthening MSMEs as well as local financial markets. It is an initiative of the German development bank Kreditanstalt für Wiederaufbau (KfW), and it is funded by the European Union (EU) and the German Federal Ministry of Economic Cooperation and Development, which is known by its German acronym BMZ. Sanad was founded in 2011 and is domiciled in Luxembourg. It focuses on investing in Algeria, Egypt, Iraq, Jordan, Lebanon, Morocco, the Palestinian Territories, Tunisia and Yemen with an emphasis on Egypt and Tunisia. As of March 2016, Sanad has raised total investor commitments of USD 186 million.
National Bank of Kuwait-Egypt (NBK-Egypt) was founded in 1980, as Al Watany Bank. It was acquired in 2007 by National Bank of Kuwait and after rebranding changed its name in National Bank of Kuwait-Egypt (NBK-Egypt). The National Bank of Kuwait own 95 percent of the bank. NBK-Egypt is based in Cairo, Egypt, and provides financial products including corporate finance, investment services, trade finance, commercial and residential mortgages. As of 2015, NBK-Egypt reported EGP 38 trillion (USD 4 billion) in total assets.
Information provided to MicroCapital directly by Finance in Motion.
MicroCapital Universe Profile: Sanad Fund for MSME
MicroCapital Universe Profile: NBK-Egypt
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