SANAD and FATEN to expand financial inclusion for Palestinian farmers
SANAD and FATEN to expand financial inclusion for Palestinian farmers
Luxembourg and Ramallah, January 16, 2019 – The SANAD Fund for MSME (SANAD) has invested USD 3 million in the Palestine for Credit & Development Company (FATEN) to increase financing opportunities for rural clients in the Palestinian Territories.
The leading microfinance institution in the Palestinian Territories, FATEN specializes in providing loans to micro and small enterprises (MSEs) in the West Bank, East Jerusalem, and Gaza, and has been a core local partner for SANAD since 2012. The new investment – the first of two planned tranches – will focus on expanding needed business financing to farmers and other clients in rural areas, including refugee camps. By growing FATEN’s lending capacity and outreach to this underserved target group, the partnership will advance SANAD’s mission to promote economic development and job creation in the region.
SANAD Board Chairperson Dr. Daniela Beckmann said: “Its strong presence in underserved areas and widespread branch network has made FATEN an important strategic partner in helping SANAD funds reach the entrepreneurs who need them. With this investment, we are focusing especially on agriculture and other rural clients who may otherwise have difficulty accessing financing to establish their businesses or help them grow.”
General Information
About FATEN
Palestine for Credit and Development, known as FATEN was established in 1999 in order to assist poor people to set up and develop their business by providing a range of financial services, FATEN was registered at the ministry of the National economy as a non-profit private shareholding company and works under the supervision of Palestine Monterey Authority. The organization expanded rapidly to become one of the largest microfinance institutions in Middle East and North Africa (MENA) region, it has 38 branches located throughout the country with more than 40,000 active clients. FATEN enjoys a good local, regional, and international reputation, and has become one of the key microfinance actors in the MENA region in general and in Palestine. For more information, please visit: www.faten.org
About SANAD
The SANAD Fund for MSME (SANAD) was established in 2011 to foster economic development and create jobs, particularly for youth in the Middle East and North Africa. SANAD strives to meet these goals by providing debt and equity financing to local partner institutions, such as commercial banks, microfinancers, and other financial institutions, who on-lend money to support micro, small and medium enterprises and to finance housing. The SANAD Technical Assistance Facility multiplies the fund’s development impact and outreach through capacity-building at partner institutions, developing financial infrastructures according to the principles of responsible finance and conducting much required R&D. 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), and OeEB, the Development Bank of Austria. A public-private partnership, the fund is advised by Finance in Motion GmbH, Frankfurt am Main, Germany. For more information, please visit: www.sanad.lu.
Media Contacts
Media contact - SANAD
Nikki Eggers
Senior Officer, Marketing & Communications
Phone: +49 (0)69 271 035-470
Email: press@sanad.lu