SANAD provides EUR 10 million senior loan to Tunisie Leasing & Factoring
SANAD provides EUR 10 million senior loan to Tunisie Leasing & Factoring
Luxembourg and Tunis, December 19, 2019 – The SANAD Fund for MSME (SANAD) and Tunisie Leasing & Factoring (TLF) have once again joined forces to expand access to financing for a crucial segment of the Tunisian economy: micro, small, and medium enterprises (MSMEs). A SANAD loan facility of EUR 10 million will be used to support TLF in continuing to provide financing services to MSMEs as well as to expand its outreach to the agriculture sector.
TLF is the leading leasing institution in Tunisia, extending financial services to small businesses all over the country. With MSMEs as its core client segment, TLF is optimally positioned to help SANAD pursue its mission of channeling resources to entrepreneurs in the Middle East and North Africa to promote financial inclusion and job creation. In addition to MSMEs, this third SANAD investment in TLF will be partly dedicated to agricultural financing.
SANAD Board Chairperson Dr. Daniela Beckmann said, “Micro, small, and medium enterprises comprise a significant portion of businesses in Tunisia, making them crucial for economic growth and prosperity. Through collaborations with valuable partners like Tunisie Leasing & Factoring, we can have a considerable impact on these entrepreneurs’ successful future by providing them the resources they need to grow and for them to create employment opportunities.”
General Manager Hichem Zghal said, “MSME development has been at the core of our strategy since the creation of our company thirty-five years ago. We are very proud of our partnership with SANAD, which will help us to provide our services to MSMEs excluded from the financial system. This loan will help us to develop our activity in the agricultural sector and will contribute to the job creation.”
General Information
About the Al Hussein Fund for Excellence
Al Hussein Fund for Excellence (HFE) is a not-for-profit NGO established by the banking community in Jordan in 1999 as part of their social responsibility commitments. The Chairman of the Board of Directors of the HFE is by regulation the Governor of the CBJ. The vision of HFE is to be a center for promoting excellence, encouraging innovation and endorsing sustainable development among individuals and groups in both private and public sectors in Jordan. Since its establishment, HFE has been working on a wide scope of projects starting from enhancing the quality of education and higher education to promoting innovation and entrepreneurship in the fields of environment and renewable energy. In addition to the many projects, the Fund has been working under the umbrella of the CBJ, with other stakeholders in Jordan, to promote financial education and capabilities in all sectors of the Jordanian society. The Fund is a member of the technical committee for the National Financial Education at Schools project and leading the work group of financial education and capabilities in the National Financial Inclusion Strategy (2018-2020).
For more information, please visit: www.hfe.jo.
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.
About Edraak
Launched by Her Majesty Queen Rania of Jordan in 2014 and headquartered in Amman, Jordan, Edraak is the Arab World’s leading platform for Massive Open Online Courses (MOOCs), offering educational opportunities to millions of learners across the region in Arabic language.
For more information, please visit: www.edraak.org
Media Contacts
Media contact - HFE
Dr. Ali Yaghi
General Manager
Phone: +962 79 850 8448
Email: aliyaghi@husseinfund.jo
Media contact - SANAD
Nikki Eggers
Senior Officer, Marketing & Communications
Phone: +49 (0)69 271 035-470
Email: press@sanad.lu
Media contact – Edraak
Eman Zabalwi
Marketing Specialist
T +962 6 5413636 Ext. 117
Email: ezabalawi@qrf.org