SANAD and National Bank of Egypt continue partnership to expand financing to entrepreneurs

Funding of USD 15 million to be on-lent to MSMEs, including rural business owners and farmers

Luxembourg and Cairo, March 3, 2020 – The SANAD Fund for MSME (SANAD) has provided a senior loan of USD 15 million to longstanding partner the National Bank of Egypt (NBE) to support financial inclusion for underserved micro, small, and medium enterprises (MSMEs) and small farmers.

NBE is the country’s leading lender and a key player in MSME and agriculture financing. The bank’s broad branch network across the country allows it to on-lend SANAD funding to MSMEs, including agricultural businesses and enterprises in remote and rural areas – clients who may otherwise have difficulty accessing financial services. 
SANAD Board Chairperson Dr. Daniela Beckmann said, “With this investment, we aim to continue our partnership with the National Bank of Egypt in enabling small business owners and farmers access to the resources they need to thrive. The ability of this segment to grow and provide jobs is crucial for economic well-being and prosperity across the country.”

NBE Chairman Hisham Okasha reiterated Dr. Beckmann’s words, praising the reliable partnership between SANAD and NBE. He added, “We are pleased to be taking this next step together to support hardworking business owners in rural areas and in agriculture, an important sector for Egypt.”  

About SANAD 

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. 

An impact investment fund advised by Finance in Motion, 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; the Dutch development bank FMO; and Calvert Impact Capital. 

For more information on the SANAD Fund for MSME, please visit: www.sanad.lu
For more information on Finance in Motion, please visit: www.finance-in-motion.com  

About the National Bank of Egypt

The National Bank of Egypt (NBE) is the largest commercial bank in the Egyptian banking sector. It was established on June 25, 1898, and has an extensive network with 508 branches and outlets, as well as the largest ATM network of more than 4,060 machines and 13,900 point-of-sale terminals. The bank’s operations are supported by over 20,000 high-caliber employees. 

NBE enjoys a substantial international presence via subsidiaries, branches, and representative offices in London, New York City, Shanghai, Johannesburg, Dubai, Addis Ababa, and Khartoum, along with a large number of correspondent banks around the world.

NBE is the pioneer in supporting renewable energy and energy efficiency projects in Egypt. The bank has partnered with various reputable international financial institutions by signing facility agreements through which long-term foreign currency funding is made available to local firms undertaking projects aimed at enhancing the environment. 

Media contact – SANAD
Nikki Eggers
Senior Officer, Marketing & Communications
Phone: +49 (0)69 271 035-470 
Email: press@sanad.lu

Media contact – National Bank of Egypt
Abbas Chams
Phone: +2 012-06517000
Email: AbbasChams@nbe.com.eg