A message from the Board Chair and Fund Advisor
Navigating Uncertainty, Deepening Impact
A message from our Board Chair and 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 and 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. Since its inception in 2011, and through the end of 2024, SANAD has supported over 448,000 jobs across the MENA and SSA regions through cumulative debt and equity investments exceeding USD 980 million. Despite a highly challenging operating environment in 2024, the fund has an outstanding portfolio of USD 421 million and continued to maintain its Advisory & Capacity Building projects.
Our highlights
One example of our responsiveness is our continuous engagement through financing and advisory and capacity building activities in the Palestinian territories. In the face of prolonged conflict, SANAD joined a consortium of like-minded investors, led by the IFC, and provided essential financing to the Bank of Palestine to help MSMEs weather this period of intense instability.
Meanwhile, we broke new ground in agricultural investments. Our first direct investments in key actors in the agricultural value chain in Egypt and Morocco represent significant milestones for SANAD, enabling it to reinforce local food systems and support rural livelihoods through more resilient value chains.
Empowering women entrepreneurs remained a cornerstone of our work. In 2024 the Womenpreneur Tour, an initiative supported by the SANAD Entrepreneurship Academy started in MENA, expanded into sub-Saharan Africa, spotlighting the innovation and leadership of female founders across MENA and SSA and underscoring our commitment to inclusivity and cross-border exchange.
Looking ahead
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.
We are deeply grateful to our public and private shareholders whose trust and continued support enable this work. To the German Federal Ministry for Economic Cooperation and Development (BMZ), European Commission, State Secretariat for Economic Affairs, the Austrian Development Bank, FMO Entrepreneurial Development Bank, and our initiator KfW Development Bank, as well as our valued private investors—thank you for standing with us in pursuit of our shared goals.
As we look ahead to 2025, one thing remains certain: SANAD will continue to support local 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.
Dr. Daniela Beckmann, Board Chair (2024)
Iveta Tancheva-Nikolova, Fund Advisor
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.