The Board of Directors oversees the SANAD Fund for MSME’s investment activities and defines its strategic positioning as well as overall approach. It also oversees the service providers, in particular the advisor, which is active for the fund at the operational level.
Daniela is the Chairperson of the SANAD Fund for MSME and is a member of the SANAD Fund's Debt Investment Committee. She is currently Head of Division for North Africa – Education, Economy (Sustainable Economic Development) and Environment at KfW Development Bank and has held various positions at the bank with a focus on sustainable economic development, financial sector development, decentralization and renewable energy. Daniela holds a Doctorate and Master’s degree from the Faculty of Economics and Business Administration at Leibniz University Hanover, in addition to studies at the University of Copenhagen in Denmark and Pierre Mendès-France University in Grenoble, France.
Andrea was strongly involved in the foundation of the Development Bank of Austria (OeEB) in 2007 and has served as a Member of the Executive Board of OeEB for 10 years. Today, she is on the Board of Directors of two microfinance funds and a member of the Supervisory Board of an Austrian NGO. Previously, she was engaged in the export promotion business in Austria. Andrea worked in various positions at Oesterreichische Kontrollbank, the Austrian export credit agency. Andrea graduated from the Vienna University of Economics and Business Administration in 1991.
Stefan has more than twenty years of experience in development cooperation, working in various positions with KfW Development Bank, focusing on financial sector development and MSME financing, as well as water and solid waste management. For several years, he headed the bank’s office in Bolivia and Peru, enabling exposing him to Latin America’s microfinance sector. Stefan currently heads KfW’s Middle East Department. He holds a degree in Economics from the Freie Universität, Berlin and participated in a postgraduate training programme at the German Development Institute.
Monique joined as a member of the SANAD Board in February 2023. Through her career as a corporate lawyer and governance advisor, Monique has built broad governance, legal, regulatory, and financial services expertise. Now she primarily serves as a Non-Executive Director on entities in the financial sector, in particular related to private equity and investment funds. Monique holds an economics degree from the University of Sydney, and law degrees from King’s College London and from the Université de Paris I (Pantheon-Sorbonne). She is an INSEAD IDP-C and ILA Certified Director.
The Investment Committee (IC) is the decision-making body entrusted with the investment decision on behalf of the Board of Directors. In addition, the IC's role includes monitoring the investments outstanding and the operating environment. Each Sub-Fund of SANAD has its own independent Investment Committee.
Daniela is the Chairperson of the SANAD Fund for MSME and is a member of the SANAD Fund's Debt Investment Committee. She is currently Head of Division for North Africa – Education, Economy (Sustainable Economic Development) and Environment at KfW Development Bank and has held various positions at the bank with a focus on sustainable economic development, financial sector development, decentralization and renewable energy. Daniela holds a Doctorate and Master’s degree from the Faculty of Economics and Business Administration at Leibniz University Hanover, in addition to studies at the University of Copenhagen in Denmark and Pierre Mendès-France University in Grenoble, France.
Koen has been a member of the SANAD Investment Committee since June 2021. He has over 26 years of international experience in over 20 countries focusing on SME/microfinance banking. Koen established and led commercial microfinance banks and MFIs (among which MEB/ ProCredit Bank Kosovo), held executive positions at holding/network level (ProCredit, Opportunity International) and was successful at turnaround management. Koen previously served on 8 non-executive boards of banks and MFIs in Africa and Eastern Europe. Koen also serves on the SANAD TA Facility Committee. He holds a master’s degree in agricultural development economics from Wageningen Universiteit en Researchcentrum – the Netherlands.
Maike has been a member of the SANAD Investment Committee since September 2021. Maike is currently working in KfW’s headquarter in Frankfurt as Principal Portfolio Manager and is responsible for the Economic Development and Education Middle East Division. Prior to her current role, Maike was a Principal Project Manager in the Energy and Financial Sector East Africa, DRC and AU Division and was also a Principal Project Manager in the Financial and Private Sector Asia Division. She holds a Diploma in International Management from Otto-Friedrich University – Germany.
The Investment Committee (IC) is the decision-making body entrusted with the investment decision on behalf of the Board of Directors. In addition, the IC's role includes monitoring the investments outstanding and the operating environment. Each Sub-Fund of SANAD has its own independent Investment Committee.
Rauf is a Chairperson of the SANAD Investment Committee and has over 25 years of experience in project cycle management in developing countries and transitional economies with a particular focus on the financial sector. Additionally, Khalaf has extensive experience in structuring, negotiating and executing sustainable joint projects with international finance and donor organizations, particularly EBRD, EIB, FMO, IFC, KfW, SECO, SIFEM, and UNDP as well as with local and foreign commercial and public banks and development banks. Rauf holds a German Diploma in National Economics from the University of Hanover.
Sonja Höss is currently working in KfW’s headquarter in Frankfurt as Senior Portfolio Manager and is responsible for projects in the financial sector development and professional education in Tunisia, Morocco and Mauretania. Before joining the division “Education and Sustainable Economic Development North Africa” , Ms. Höss was working on sectors and regions including water and waste water in Eastern Africa and Financial Sector Development and Fund Development in Sub Sahara Africa. From 2011-2014, she was also seconded to the Secretariat of the G8 Initiative “Infrastructure Consortium for Africa” hosted by the African Development Bank to establish and manage the Water platform to channel more investments into the infrastructure sector in Africa. Ms. Höss studied at the University of Kaiserslautern to obtain a Master of Arts in Sustainable Development Cooperation and holds a Bachelor Degree on International Business & Intercultural Studies of the University of Heilbronn.
Joachim has been a member of the SANAD equity sub-fund Investment Committee since October 2017. He was previously CFO and Head of Investment at GLS Treuhand e.V. managing an impact-only portfolio of about 125 million Euro. He is currently an independent investment advisor with a focus on social responsible investments, impact and mission investments and social venture investment. Joachim has an Economics Degree from the University of Witten/Herdecke.
Heinz is a Chairperson of the SANAD Investment Committee and has nearly 40 years of global leadership experience in financial services, specifically asset management, commercial and investment banking. Heinz is a senior advisor at Lovell Minnik Partners LLC, and co-founder and chairman of Silk Invest Ltd. He set up a private equity fund for African Food and Agriculture and successfully launched four open-ended mutual funds for African equities, Middle Eastern equities, and fixed income investments in those regions. Heinz holds a PhD in Business Finance from the University of Bochum, Germany.
Noha is on the Investment Committee of the SANAD equity sub-fund. She has been the Managing Director and Head of Investment Banking at Pharos, one of the top 5 investment banks in Egypt, since May 2018. She enjoys over twelve years of experience in corporate finance and M&A across the MENA region where she led and participated in the origination and successful execution of 18 transactions with over USD 1.2 Bn in value across a diverse array of sectors. Noah holds a Master’s Business Administration from Edinburgh Business School and she was featured by Forbes as one of the Top 100 Power Businesswomen in the Middle East in 2020.
Inga has been a member of the SANAD Equity Sub-Fund Investment Committee and the Technical Assistance Facility Committee since 2016. She is a Senior Project Manager at KfW Development Bank’s division for Education, Economy and Environment in North Africa. Prior to her current role, Inga was a Project Manager for the Middle East Region and was involved in education projects and crisis programs for refugees. Inga has also worked for PricewaterhouseCoopers and the German Development Institute. She holds a Diploma in Economics from the University of Freiburg, Germany.
SANAD’s Technical Assistance Facility Committee (TAFCOM) is an independent oversight and decision-making body, which oversees all technical assistance activities. It consists of up to four members representing the donors of the Facility who are endorsed by the Board of Directors of the Fund.
Kim has been Chair of the Technical Assistance Facility Committee since 2021. In her current role as a Portfolio Manager in the equity and funds team for Asia, Europe and MENA at KFW Development Bank, Kim undergoes shareholder management for structured funds, and sources and structures new debt and equity transactions. In her previous role at KFW Development Bank, Kim worked in financial sector development for Southeast Europe & Turkey, where she managed financial sector and rural development projects. Kim holds a master’s degree in Public Policy from the Hertie School of Governance, Germany.
Koen has been a member of the SANAD Investment Committee since June 2021. He has over 26 years of international experience in over 20 countries focusing on SME/microfinance banking. Koen established and led commercial microfinance banks and MFIs (among which MEB/ ProCredit Bank Kosovo), held executive positions at holding/network level (ProCredit, Opportunity International) and was successful at turnaround management. Koen previously served on 8 non-executive boards of banks and MFIs in Africa and Eastern Europe. Koen also serves on the SANAD TA Facility Committee. He holds a master’s degree in agricultural development economics from Wageningen Universiteit en Researchcentrum – the Netherlands.
The SANAD Debt Sub-Fund has a built-in mechanism to promote lending in local currencies: the "L-shares". The Foreign Exchange Committee (FXC) decides on the mark-up charged on such loans to compensate the L-shares for the currency risk taken. In addition, the committee monitors these investments as well as currency risk in the countries in which SANAD operates.
Nikolaus is an experienced Asset Manager, central banker and strategist with over twenty years of experience investing in emerging markets. During his time at the European Central Bank, Nikolaus forged relations with central banks and finance ministries in the Middle Eastern region. He later joined Thames River Capital to help manage a global portfolio of up to USD 3bn in currencies and fixed income assets. Nikolaus has also worked at Landesbank Berlin, where he was in charge of building and running the global asset allocation for the bank's retail clients. Nikolaus holds a PhD in economics from Hamburg University, Germany and is a qualified CIIA charter holder.
Sylvia has been as a member of the SANAD FX committee since 2021. Through her extensive career at the European Bank for Reconstruction and Development (EBRD), Sylvia brings over 25 years of experience in debt finance and equity investments in emerging markets, including investing and managing private equity funds. Sylvia has over 10 years of senior management experience in culturally and socially diverse business environments, and an extensive network throughout Eastern Europe. Sylvia holds a master’s degree in business from Université Paris-Dauphine PSL, a bachelor’s degree in Japanese language from INALCO Paris and an MBA from INSEAD.
Finance in Motion is the advisor to the SANAD Fund for MSME, supporting the fund and its Technical Assistance Facility on an operational level.
Iveta is responsible for the SANAD Equity Sub-Fund II and previously oversaw the investment portfolios for two other global impact investment funds, advised by Finance in Motion in the South Caucuses. She joined Finance in Motion in 2012 after spending 10 years in mergers and acquisitions and capital markets at HSBC and ING Barings, London. Iveta supported emerging market companies in raising capital and advised clients in the financial services sector. Iveta holds an MBA from the Weatherhead School of Management, USA and the Central European University in Budapest.
Mathias is responsible for the management of the two Equity Sub-Funds of SANAD Fund for MSMEs at Finance in Motion’s Frankfurt office. Mathias has worked on private equity transactions around the globe in developed and emerging markets, covering all stages of the investment process. Previously, Mathias worked at FMO - Dutch Development Bank where he primarily focused on private equity investments in venture and growth stage, both at a fund and direct level in Eastern Europe and Asia. Mathias holds a Master’s degree in Public Policy from Maastricht University.
Dragan leads the Finance in Motion office in Morocco and is responsible for investment activities in Morocco, Tunisia, and Algeria. Before joining Finance in Motion, he served as a local consultant for KfW’s micro and small enterprise lending program, which was implemented in several Macedonian banks. Dragan holds a Bachelor’s degree in Economics from the University St. Kliment Ohridski, Macedonia.
Burcu serves as a Regional Director for Turkey and MENA and heads Finance in Motion’s office in Istanbul. Burcu has worked for Turkish financial institutions for more than 15 years, managing correspondent banking, trade finance, and structured finance teams, focusing on relations with financial institutions and developing trade finance facilities. Before joining Finance in Motion, she worked for DenizBank as Department Head of Financial Institutions. Burcu holds a Bachelor’s degree in Political Science and Public Administration and a Master’s degree in International Finance.
Mohamed oversees SANAD’s investment activities in Egypt and Yemen, and heads Finance in Motion’s Egypt office. Before joining Finance in Motion in 2012, Mohamed was an investment banking manager at Prime Capital and a corporate lending manager at Arab African International Bank. He holds a Master’s degree in Investment Banking and Islamic Finance from Henley Business School and an MBA from the University of New Brunswick. Mohamed is also an Islamic Finance professional and a visiting fellow for the MBA program of the Maastricht School of Business, Cairo.
Kateryna leads the Technical Assistance Facility of the SANAD Fund for MSME and oversees the Facility’s project portfolio across the Middle East, North and Sub-Saharan Africa. Before joining Finance in Motion in 2016, Kateryna has worked for U.S. Embassy in Ukraine - Department of Energy section where she was engaged in programs that address nuclear non-proliferation, energy, and environmental challenges in Ukraine. Prior to that, Kateryna worked for American Councils for International Education where she was responsible for the coordination of the US Department of State student exchange program. Kateryna holds a Master’s degree in English & French from V.N. Karazin Kharkiv National University, Ukraine.