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Impact Report 2024

Deeper Impact for MSMEs in Turbulent Times

A message from our Board Chair & Fund Advisor

 

2024 was marked by profound uncertainty and ongoing conflict, conditions that persist today. Yet, it is precisely in these periods of disruption that the strength of a long-term, impact-driven approach becomes most apparent.  

 

For the SANAD Fund, these moments reinforce the urgency of our goal: to support local micro, small, and medium enterprises (MSMEs) across the Middle East, North Africa (MENA), and select countries in sub-Saharan Africa (SSA), and to help shape the resilient, inclusive economies of tomorrow. 

 

Despite these challenges, our multi-faceted and adaptive strategy allowed us to deepen our impact on the ground. In 2024 SANAD yet again expanded its outreach to MSMEs with 108,900 active borrowers served through 44 partner institutions. 

Key Investment Figures

$984 M

Cumulative volume invested in partner institutions

$384 M

Outstanding investment portfolio debt sub-fund

$37 M

Outstanding investment portfolio equity sub-funds

44

Active partner institutions

As of Dec 31, 2024

By taking a long-term view, the fund delivered impact in a troubled region, investing with patient capital, building institutional capacity, and fostering partnerships that sustain through cycles of adversity and recovery.  

Dr. Daniela Beckmann, Board Chair (2024)

Key Impact Figures 

$2.3 BTotal volume of subloans facilitated to MSMEs and households since fund's inception

Supporting SDG8Decent work & economic growth

448 K*Indirect jobs supported in financed MSMEs

Supporting SDG8Decent work & economic growth

141 K*Indirect jobs supported in financed MSMEs held by women

Supporting SDG5Gender equality

48 KPeople benefiting from capacity building since fund's inception

Supporting SDG9Industry, Innovation & Infrastructure

Cumulative figures since fund's inception, as of Dec 31, 2024

* Figures are modeled by the SANAD Fund based on primary reporting and third-party data

Impact Stories

Our 2024 impact stories highlight the resilience of the SANAD Fund, our partners and investees. Our stories showcase our strong commitment to empowering MSMEs and female entrepreneurship across MENA and SSA—even in the face of environmental and social challenges.

MENA tapestry2corn2womenpreneur4
Supporting economic resilience in times of war
Transformative Agricultural Investments, Cultivating Resilience
Backing Women, Building Resilience

Where We Invest

map June 25 2025

One thing remains certain, SANAD will continue to support local investees, MSMEs and entrepreneurs, investing in their potential, strengthening communities, and building a future where opportunities in their local markets can thrive even in the most challenging environments. 

Iveta Tancheva-Nikolova, Fund Advisor

Advisory & Capacity Building Highlights 

Our Advisory & Capacity Building teams continue to support MSMEs and the financial ecosystem at large in MENA and SSA, providing stability, and helping to protect and create jobs. Since the fund’s inception, approximately 48,000 people have benefited from our capacity-building efforts. In 2024, 75% of those we supported in MENA and SSA were women—reflecting our strong commitment to advancing career opportunities for women in these regions. 

womenpreneur1

Featured Highlights

Technology

Technology

Digital Transformation

Launched 12 strategic initiatives across MENA & SSA to drive digital transformation for financial institutions and MSMEs

digi

Agriculture

Agriculture

Boosting Agri-supply Chains

Pioneered the first project to digitalize agri-supply chains with a Moroccan agricultural exporter

corn field

Women Entrepreneurs

Women Entrepreneurs

Empowering Female-led Startups

Developed a comprehensive regional acceleration program for female-led startups in MENA and SSA

young people

Our Approach to Impact & Sustainability

Promoting inclusive growth through women empowerment

In 2024, SANAD built on its long-standing focus on female empowerment and formulated its Gender Strategy. This reflects the fund’s steadfast commitment to women entrepreneurs as key drivers of economic development in the MENA and SSA regions. SANAD’s strategy focuses on strengthening internal gender equity practices among its investees, expanding access to finance and capacity building for women entrepreneurs, and fostering an enabling ecosystem for their success.

gender 10

How We Manage Impact

Our Partners

We are deeply grateful to our public and private shareholders whose trust and continued support enable this work.

BMZ logo
EU Flag
KfW logo
FMO logo
OeEB - Development Bank of Austria logo
SECO logo
GLS Bank logo
GLS logo
Calvert impact logo
ASNBank logo
Finance in Motion logo

Information for investors

Sorry, in respect of the United States of America, Canada, Japan or Australia or any other jurisdiction in which the distribution, offer, sale, transfer or resale would be prohibited by applicable law, no investment in notes/shares or other instruments of the Fund (or its sub-fund(s)) can be offered or made.