SANAD and Vitas Jordan expand local currency financing for MSMEs and farmers
Luxembourg and Amman, March 31, 2018 – The SANAD Fund for MSME (SANAD) announced that it has provided a local currency loan equivalent to USD 4 million to Vitas Jordan to expand financing to micro, small, and medium enterprises (MSMEs) and the agriculture sector in Jordan.
Vitas Jordan is the country’s third largest microfinance institution, offering diversified products that meet the needs of MSMEs across several economic sectors. The company’s focus on this integral segment of the Jordanian economy, together with its strong social mission and responsible finance practices, make it a natural fit for SANAD’s mandate to support employment and business development in the region through targeted MSME and agriculture financing. The new SANAD funds will be used to provide much-needed loans to entrepreneurs and the agriculture sector in local currency to support them in expanding their businesses and growing in a sustainable manner.
Established in 2011, 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 multiplies the fund’s development impact and outreach through capacity-building with 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); OeEB, the Development Bank of Austria; Germany’s GLS Bank and GLS Treuhand; and the Dutch development bank FMO. 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 contact – SANAD
Senior Officer, Marketing & Communications
Phone: +49 (0)69 271 035-470