SANAD and Bank Audi Continue Support for SMEs in Lebanon
Luxembourg and Beirut, December 30, 2018 – The SANAD Fund for MSME (SANAD), an impact investment fund advised by Finance in Motion, has provided a long-term loan of USD 15 million to Bank Audi as part of the partners’ financing of small and medium-sized enterprises (SMEs) in Lebanon.
A strategic SANAD partner since 2012, Bank Audi is one of the top banking groups in the region, maintaining a strong and growing focus on supporting SMEs in Lebanon. Its outreach to this target group was honed with the establishment of a dedicated department for SME banking in 2016, comprising lending and non-lending services. Since then, the bank’s SME lending portfolio expanded rapidly. The SANAD investment aims to support Bank Audi’s further growth in this segment, contributing to the availability of dedicated financing for SMEs.
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, Germany.
For more information, please visit: www.sanad.lu
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