The Sanad Fund for MSME, a Luxembourg-domiciled investor in micro-, small and medium-sized enterprises (MSMEs), recently issued a loan of USD 10 million to Fondation Arrawaj de la Finance Inclusive, a Moroccan microfinance institution previously known as Fondation Albaraka. The NGO offers insurance as well as group and individual loans for enterprise and housing via 303 branches. Since 1996, it has lent MAD 14.1 billion (USD 1.4 billion) to 1.7 million microenterprises. Of these, 57 percent were owned by women, and 45 percent were located in rural areas.
“Small businesses are at the heart of the Moroccan economy, providing a solid base of employment, growth, innovation, and value creation,” said Sanad Board Chair Dr Daniela Beckmann.
Sanad was founded in 2011 by German development bank Kreditanstalt für Wiederaufbau (KfW). It is funded by Germany’s GLS Bank; the EU; and development finance institutions of the Austrian, German and Swiss governments. Sanad invests in Algeria, Egypt, Iraq, Jordan, Lebanon, Morocco, the Palestinian Territories, Tunisia and Yemen with an emphasis on Egypt and Tunisia. As of 2020, the fund had an outstanding debt portfolio of USD 232 million. It is advised by Germany’s Finance in Motion, which manages assets valued at EUR 2.5 billion (USD 2.7 billion) as of 2020.
Sources and Additional Resources
Sanad press release
https://www.sanad.lu/latest-updates/sanad-reaffirms-commitment-to-fondation-arrawaj-with-usd-10-million-loan-for-microentrepreneurs
Arrawaj homepage
http://www.fondation-arrawaj.ma
SANAD homepage
https://www.sanad.lu/
Finance in Motion homepage
https://www.finance-in-motion.com
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