SANAD and Al TAS-HEELAT partner to expand financial support for small businesses in Jordan
Luxembourg and Amman, October 17, 2018 – The SANAD Fund for MSME (SANAD) announced today that it has provided a local currency loan in the equivalent of USD 4 million to Jordan Trade Facilities (Al TAS-HEELAT), a non-bank financial institution targeting very small and small enterprises. The new partnership aims to increase access to sustainable financing for this essential segment of the Jordanian economy.
In a country where micro, small, and medium-sized enterprises account for the vast majority of local employment, Al TAS-HEELAT is one of the few non-bank financial institutions offering products customized for the requirements of this significant group. By providing the facility in Jordanian dinar, SANAD has also ensured that Al TAS-HEELAT can on-lend the funds in local currency, thereby protecting vulnerable small businesses from the risk of exchange rate fluctuations.
SANAD Board Chairperson Dr. Daniela Beckmann said, “In Al TAS-HEELAT, we have found a partner who is well positioned to help SANAD pursue its mandate of promoting economic growth and prosperity in the region. We are very pleased to be able to join forces with Al TAS-HEELAT in providing local currency financing to very small and small enterprises, which is key to retaining and creating local jobs.”
Al TAS-HEELAT Chairman Mr. Jamal Fariz, speaking at the signing ceremony, said, “We are very happy to partner with SANAD, which allows us to advance to a more inclusive financial system that contributes to economic growth in Jordan. Through this loan, we can offer affordable financial services that are essential to very small and small businesses, allowing them to achieve their full potential.”
About the SANAD Fund for MSME
Established in 2011, the SANAD Fund for MSME finances micro, small and medium enterprises and low-income households in the Middle East and North Africa via qualified local lenders. SANAD thereby fosters economic development and job creation – including youth employment – agriculture, affordable housing, and innovations in finance and financial technologies. SANAD strives to meet these goals by providing debt and equity financing to its local partners. The SANAD Technical Assistance Facility multiplies the fund’s development impact and outreach through capacity-building with 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); OeEB, the Development Bank of Austria; Germany’s GLS Bank and GLS Treuhand; and the Dutch development bank FMO. 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 AL TAS-HEELAT
Jordan Trade Facilities (AL TAS-HEELAT) was founded in 1983 and is considered today one of the leading financing companies in the field. In 2016, the Tamkeen leasing company owned by Investbank acquired 93.3% of the company's shares, and Al TAS-HEELAT became a subsidiary of Investbank.
AL TAS-HEELAT covers a wide area of the Hashemite Kingdom of Jordan through its branches and has historically catered to both consumers and the small and medium enterprise segment. Going forward, AL TAS-HEELAT plans to expand its lending to this segment.
For more information, please visit: www.altas-heelat.com
Media contact – SANAD Fund for MSME
Senior Officer, Marketing & Communications
Phone: +49 (0)69 271 035-470
Media contact – AL TAS-HEELAT
MIS & Research Officer
Phone: +962 6 5671720, ext. 6306