SANAD and Microfund for Women finance local businesses, low-income households in Jordan
Luxembourg and Amman, March 31, 2018 – The SANAD Fund for MSME (SANAD) announced that it has provided a local currency loan equivalent to USD 6 million to Jordan’s Microfund for Women (MFW) to finance micro and small enterprise development as well as home improvement for low-income households.
The largest microfinance institution in Jordan, MFW has a strong track record of supporting community development in the country. Over 90% of MFW’s end borrowers are women, and the institution’s extensive branch network facilitates access to financing for even remote clients. This broad outreach and focus on financial inclusion have made MFW a key SANAD partner since 2014. With the new investment, SANAD aims to expand MFW’s ability to provide needed local currency financing to support entrepreneurs’ business development and improve living conditions for low-income households.
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
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