A message from the Board Chair and Portfolio Manager
Surpassing One Billion, Accelerating Growth
A message from our board chair and portfolio manager
In 2025, SANAD reached a milestone that reflects both resilience and long-term commitment to the region, surpassing USD 1 billion in cumulative investments across the Middle East, North Africa, and selected Sub-Saharan African markets.
In a year marked by economic uncertainty and regional conflict, we returned to a clear growth trajectory, deploying more than USD 160 million in new investments to ensure MSMEs continued to access the liquidity they need to operate, employ, and grow. With this the fund has also supported over 497,000 jobs since its inception, out of which 34% held by women.
The SANAD Debt Sub-Fund ended the year with 36 active partner institutions, including six new partnerships established in Jordan, Egypt, Morocco, and Uganda. Each partnership represents more than a transaction; it represents trust, long term alignment, and a shared commitment to strengthening local financial ecosystems and access to finance for entrepreneurs in the region.
Our highlights
We are particularly proud of completing our first direct finance transactions in agribusiness value chains. Through investments in Maisadour Maroc and Capital Agro (Egypt), we extended working capital to companies that anchor MSME supplier networks, while pairing financing with advisory support to reinforce responsible and sustainable business practices. These steps deepen SANAD’s connection to the real economy and broaden our impact to reach the small farmers and agro-producers in the region with much needed working capital.
Local-currency financing remained central to our strategy. With over 20% of annual investments extended in local currency to institutions with limited hedging options, we continued protecting end-borrowers and partners from currency volatility, an essential safeguard in today’s environment.
We also maintained our long-term presence in the Palestinian Territories with continuous financing provided to our long-standing partners. In addition, we introduced a targeted crisis-response grant program to support partner institutions navigating extraordinary hardship. Staying present during difficult times is fundamental to who we are as a fund.
At the same time, we continued to invest in innovation. With USD 13.5 million in new equity investments in fintech companies, SANAD is supporting digital financial services that broaden access to underserved communities. Through the Equity Sub-Fund II (ESF II) investments, SANAD enabled access to financial services to over 110,000 MSMEs and underserved users1. In addition, ESF II closed the year with approximately USD 34 million invested.
Looking ahead
Finally, our transition to a fully AIFMD-regulated structure in Luxembourg marks an important institutional step forward. This strengthened platform enhances governance, transparency, and our capacity to mobilize capital, ensuring that SANAD remains a steady, committed partner for MSMEs and one of the leading impact investors across the MENA region.
We remain grateful to our investors – public and private, our partner institutions and the wider financial community in the region, for their unwavering commitment and support.
Sandra Rohleder, Board Chair
Iveta Tancheva-Nikolova, Portfolio Manager
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.