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SANAD loans USD 10 million to Jordan’s INVESTBANK to expand access to housing and SME finance

2019-11-11

SANAD loans USD 10 million to Jordan’s INVESTBANK to expand access to housing and SME finance

Luxembourg and Rabat, November 11, 2019 – The SANAD Fund for MSME has provided a senior loan of USD 10 million to INVESTBANK to support the bank’s efforts in providing housing loans to low-income individuals as well as expanding its lending operations to small and medium enterprises (SMEs).

INVESTBANK is one of the leading banks in Jordan in providing pioneering financial solutions. The bank plans to expand its existing housing product offering and its SME lending portfolio by offering financing both directly by the bank as well as through its subsidiaries. The proposed investment will also complement the two loans that SANAD has provided in 2018 to two of the bank’s subsidiaries, namely Jordan Trade Facilities and Al IMDAD for Supply Chain Financing, which also aim to advance their SME lending operations.
 
SANAD Board Chairperson Dr. Daniela Beckmann said: “SANAD is pleased to support INVESTBANK in their endeavor to further expand their loan offerings for housing and SMEs. Growing small businesses is essential to economic prosperity, and the bank’s focus on this segment resonates soundly with SANAD’s mission to support business development in the region.”
 
INVESTBANK CEO Muntaser Dawwas said: “With the SANAD loan, INVESTBANK aims to pursue ambitious plans to provide financing that can generate positive economic, social, and environmental impact. As an innovator in the Jordanian banking sector, INVESTBANK is pleased to be able to enhance the access to credit and meet the ever-growing demand for effective and creative financing among SMEs in Jordan. SANAD’s investment will also help us extend innovative housing loans to low-income individuals to ensure that we are serving this important segment in the most transparent and responsible way possible.”

General Information

About INVESTBANK

INVESTBANK was founded in 1982 and offers integrated banking services in Jordan, employing more than 400 people across twelve branches in major cities across Jordan. INVESTBANK meets the needs of its clients through: banking services for small, medium, and large companies, as well as individuals, wealth management, and investments. Subsidiaries of INVESTBANK include AL IMDAD, AL MAWARED for Brokerage, TAMKEEN for Financial Leasing, AL TAS-HEELAT for SMEs, Consumer and Islamic Finance, BINDAR Trading and Investment for Islamic Finance, and TAKHSEEM for Factoring Services. In 2015, INVESTBANK was recognized for its excellence by CPI Financial, The Banker Awards, in three categories: Best Commercial Bank, Best Retail Bank, and Best Premium Bank in Jordan. The Bank was also accredited as Best Consumer Digital Bank in Jordan by Global Finance for three consecutive years, ending 2017. In 2017, the Bank was also crowned as the Best Digital Bank in Jordan for Corporates by World Finance. In 2018, Global Finance recognized INVESTBANK as the Best Consumer Digital Bank in two categories, institution with the Best Bill Payment and Presentment, as well as the Most Innovative Consumer Digital Bank in Jordan. Global Banking and Finance further accredited the Bank as the Best Corporate Bank in Jordan for 2018. The Bank has been recognized as the Most Innovative Digital Bank and the Best Website design in Jordan for 2019 by Global Finance.
 
For more information, please visit: www.investbank.jo, or contact: 06 500 1515.
Facebook: https://www.facebook.com/INVESTBANKJO  
Instagram: http://instagram.com/investbankjo
Twitter: https://twitter.com/InvestbankJo

 

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 - INVESTBANK

Deena Jarrar
Unit Head, Marketing and PR
Phone: +962 6 5001500 Ext: 1424 
Email: deena.jarrar@investbank.jo

Media contact - SANAD

Nikki Eggers
Senior Officer, Marketing & Communications
Phone: +49 (0)69 271 035-470
Email: press@sanad.lu