SANAD reaffirms commitment to Fondation Arrawaj with USD 10 million loan for microentrepreneurs


SANAD reaffirms commitment to Fondation Arrawaj with USD 10 million loan for microentrepreneurs

Luxembourg and Rabat, March 19, 2020 – The SANAD Fund for MSME has reaffirmed its commitment to the Moroccan microfinance institution Fondation Arrawaj de la Finance Inclusive (previously Albaraka) through a second senior loan to the value of USD 10 million. This investment will support Fondation Arrawaj in continuing to provide a diversified set of lending products to microentrepreneurs in rural and urban regions of Morocco.

Fondation Arrawaj is the third largest microfinance institution in Morocco with 208 branches and a strong client base in rural areas. The institution is committed to supporting the development of income-generating activities, thus contributing to the financial inclusion of low-income people and encouraging employment. Fondation Arrawaj serves more than 143,000 borrowers, over half of whom are women.

SANAD Board Chairperson Dr. Daniela Beckmann said: “Small businesses are at the heart of the Moroccan economy, providing a solid base of employment, growth, innovation, and value creation. We are proud to continue this relationship with Fondation Arrawaj as their mission to include micro entrepreneurs into the financing system is an integral part of SANAD’s own mission.”

”We are pleased to renew our partnership with SANAD. This fundraising will allow us to expand our portfolio and pursue our mission of financial inclusion in Morocco through providing credit lines and tailored services to micro-entrepreneurs and small businesses excluded from the conventional financing system,” said M. Mouatassim Belghazi, Chairman of the Board of Fondation Arrawaj de la Finance Inclusive.



The SANAD Fund for MSME finances micro, small, and medium enterprises and low-income households in the Middle East and North Africa via qualified local lenders. SANAD thereby fosters economic development and job creation – including youth employment – agriculture, affordable housing, and innovations in finance and financial technologies. SANAD strives to meet these goals by providing debt and equity financing to its local partners.

The SANAD Technical Assistance Facility (SANAD TAF) multiplies the fund’s impact and outreach through capacity-building with partner institutions, developing financial infrastructures according to the principles of responsible finance and conducting much required research and development. The SANAD Entrepreneurship Academy, an initiative of the SANAD TAF, encompasses a range of programs to support business owners throughout SANAD’s target region. By working together with local organizations that drive incubation and acceleration projects, the Entrepreneurship Academy provides entrepreneurs with guidance, resources, mentoring, networking opportunities, the chance to receive financial backing, and other means necessary to turn good ideas into successful enterprises.

An impact investment fund advised by Finance in Motion, 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); OeEB, the Development Bank of Austria; Germany’s GLS Bank and GLS Treuhand; the Dutch development bank FMO; and Calvert Impact Capital.

For more information on the SANAD Fund for MSME, please visit:  

For more information on Finance in Motion, please visit:  


About Fondation Arrawaj

Fondation Arrawaj de la Finance Inclusive, previously known as Fondation Albaraka, was founded in 1996 as a non-profit non-governmental organization dedicated to financing and supporting micro-entrepreneurs and small businesses in Morocco.

Fondation Arrawaj is currently the third largest microfinance institution (MFI) in Morocco by its assets, with a market share of 20% in terms of total disbursements. The MFI operates through 208 branches across the country in rural and urban regions. Rural regions represent more than 40% of its total portfolio.

Fondation Arrawaj provides a wide range of financial and non-financial products and services, from standard microfinance and social housing credit lines to complementary financial inclusion services such as micro-insurance and micro-assistance, for which the foundation was a pioneer in Morocco. The institution recently launched a new set of financial inclusion services including money transfer, mobile accounts, mobile payment and other digital services. It also accompanies its clients by allowing them access to training programs, technical assistance services and participation to various events to promote their products.

For more information on Fondation Arrawaj de la Finance Inclusive, please visit our website:

Media contact – SANAD
Nikki Eggers
Senior Officer, Marketing & Communications
Phone: +49 (0)69 271 035-470

Media contact – Fondation Arrawaj
Phone:  +212 5 37 57 57 50