SANAD fosters economic development and employment creation in the Middle East and North Africa (MENA), especially among youth, by financing micro, small, and medium enterprises (MSMEs) and low-income households via qualified local lenders.

The fund takes a holistic approach in building the wider ecosystem for serving the “missing middle” of underbanked target groups – for instance by building the capacity of local lenders to serve MSMEs or conducting much-required research and development with the support of the SANAD Technical Assistance Facility. SANAD thereby lays the foundation for systemic, long-lasting impact for economic growth and job creation.

In addition to its core focus on the underserved MSME sector, SANAD constantly strives to push the impact frontier by focusing on nexus topics such as increased access to financing for housing, support for agriculture, the promotion of innovations in financial technology, and the financial inclusion of youth and women.


Since its inception, the SANAD Fund for MSME has worked towards supporting entrepreneurs in the Middle East and North Africa under varying economic conditions. Our 2022 Impact Report explores how SANAD contributed to building a resilient environment for micro, small, and medium enterprises (MSMEs) in this region. Learn more in the SANAD Fund for MSME Report 2022: Strengthening Resilience for MSMEs in the Middle East and North Africa 




Impact Facts & Figures


Share of female clients in SANAD Partner Institutions’ portfolio


Share of sub-loans disbursed to rural and semi-urban end-borrowers


Share of loans facilitated in local currency


Indirect jobs supported in MSMEs receiving financing through partner institutions 


People benefitted from Technical Assistance


Share of female participants in capacity building projects 

*Figures as of: Q2 2023

Contributing to the Sustainable Development Goals

SANAD’s activities have been mapped towards the Sustainable Development Goals (SDGs) at an SDG target level, based on which 7 have been selected as core SDGs in 2021.


SANAD contributes to eradicating poverty by meeting the basic financing needs of MSMEs and low-income households.


Subloans facilitated to MSMEs and households (2)  510,000
Average amount of subloans (2) USD 3,130
Volume of subloans enabled for SANAD’s target group (2) USD 1,593,057,000


SANAD contributes to improving agricultural productivity and the livelihoods of small-scale food producers through secure and equal access to financial services.


Share of subloans disbursed to rural and semi-urban end-borrowers(5) 51%



SANAD contributes to improving gender equality and empower all women and girls.


Share of female clients in SANAD partner institutions’ portfolio (4,5) 49%
Share of indirect female jobs supported in MSMEs receiving financing through partner institutions (1,2) 34%
Share of direct female jobs contributed to within SANAD Equity Sub-Funds’ partner institutions 45%
Share of female participants in capacity building projects 48%



SANAD contributes to economic development and job creation by enabling entrepreneurs to grow their businesses, especially young entrepreneurs and MSMEs in rural areas.


Indirect jobs supported in MSMEs receiving financing through partner institutions (1, 2) 351,400
Direct jobs supported in investee companies receiving equity financing (2,3) 600
Partners served by SANAD with individual capacity building (2) 201
People benefitted from technical assistance (2) 36,500



SANAD contributes to inclusive industrialization by upgrading small-scale enterprises through improved access to finance and innovative solutions.


Number of active borrowers 89,300
Number of partner institutions (2) 57
Share of outstanding portfolio in local currencies 16%


SANAD contributes to economic inclusion by sustaining and growing business income among marginalized entrepreneurs, such as women, youth, refugees, and rural populations


Share of outstanding subloans in local currencies(5) 96%
Share of young clients in SANAD partner institutions portfolio (4,5) 37%



As a blended finance fund, SANAD brings together public and private investors for sustainable development.


Committed capital (USD) DSF  USD 459,400,000
Committed capital (USD) ESF I & II  USD 81,900,000
Total volume of technical assistance projects  USD 25,200,000


1 Figures are modeled by SANAD based on primary reporting and third-party data.
2 Cumulative figure since SANAD‘s inception.
3 Figures have been pro rated according to SANAD‘s respective ownership share.
4 Figures are based on the reporting of a sample of SANAD PIs on clients with individual subloans in their portfolio.
5 Results reflect performance of SANAD Debt Sub-Fund only
* Figures as of: Q2 2023

Impact Stories

At its core, SANAD is dedicated to equipping small business owners and entrepreneurs with the financing and enabling environment they need to sustain or grow their activities. Ranging from manufacturing companies to hair salons and craft shops, such enterprises face limited access to financial services in the MENA region. By working with local financial intermediaries to better serve this target group and building the wider ecosystem for financial inclusion, SANAD contributes to empowering entrepreneurs to create or expand their enterprises. Read our stories to discover how SANAD creates impact.

Impact Management

It starts with a good groundwork. SANAD is guided by a clearly defined impact agenda, stipulating not only the fund’s goals but also the specific eligibility parameters for its investments. Only if an investment meets the fund’s requirements for financial return and development impact, as well as sound environmental and social (E&S) management, will it proceed.

Once invested, impact and E&S monitoring are just as important as tracking financial performance. Monitoring provides a constant feedback loop of how well the fund is progressing towards its goals and provides insights and learnings. Periodic in-depth impact studies, conducted by external parties and financed by the SANAD Technical Assistance Facility, and field visits provide complementary information on specific impact indicators. This enables SANAD to continuously fine-tune its strategy and to flexibly react to changing conditions in order to further enhance the reach and depth of its impact.

Finance in Motion, SANAD advisor, is a signatory of the Operating Principles for Impact Management (Impact Principles), also aligning SANAD’s impact management system with these recognized industry practices. 
Along with an annual disclosure statement, which provides details on the practices applied, the advisor is committed to periodic independent verifications. The first verification, conducted in 2021 by the specialized consulting firm BlueMark, affirmed strong alignment with the Operating Principles for Impact Management. 
Read Finance in Motion’s Operating Principles for Impact Management Disclosure Statement

Sanad's Impact Pathway

For more details on how SANAD works towards its impact targets, refer to the Theory of Change, which summarizes the fund's impact logic and builds the foundation for its impact measurement and management system. 

Read more about our Impact


In pursuing its sustainable investment objective, SANAD places a priority on effectively managing potential environmental and social (E&S) risks associated with the fund’s investments. In addition, the fund integrates environmental, social and governance (ESG) considerations into decision-making and investee engagement. In line with this sustainable investment objective, the Fund falls within the scope of Article 9 of the Regulation (EU) 2019/2088 on the Sustainable Finance Disclosure Regulation (SFDR).

For sustainability-related disclosures in line with the requirements of the SFDR and more information on the Fund’s approach to impact and sustainability, please refer to: