Our People

Board of Directors of the SANAD Fund for MSME

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. 

Dr. Daniela Beckmann

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 Hagmann

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 Zeeb

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.

Babette Stein von Kamienski

Babette is the Head of KfW’s Division for Infrastructure in Southern Africa, focusing on renewable energy, energy efficiency, water, and transport. Babette joined KfW in 1993, and previously headed KfW’s Education and Economic Development team for the MENA region, where she was involved in crises programs for Syrian refugees. Babette was responsible for the Policy Team of KfW’s Strategy Department, developing corporate policy for national and international development organizations between 2001 and 2005. Prior to KfW, Babette worked with UNIDO on developing, evaluating, managing, and monitoring technical assistance projects specifically targeting women entrepreneurs. She holds a Master’s degree in Anthropology, Psychology and Psycholinguistics from the University of Munich.

Frouke Hoekstra

Frouke has an extensive career in debt origination and structuring. She is currently Financial Institutions Manager for the Latin American and Caribbean region at FMO, the Netherlands Development Bank, where she has greatly contributed to client relationship building and the development of green lending products. Previously, Frouke worked at ING Bank and ING Capital, where she specialised in loan syndications and structured finance for large corporates. Frouke holds an MA in International Relations from the University of Groningen.

SANAD Debt Sub-Fund – Investment Committee

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. 

Dr. Daniela Beckmann

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.

Ines Ebrecht

Ines is the chair of the Technical Assistance Facility of the SANAD Fund and a member of the Investment Committee of its Debt Sub-Fund. As Principal Project Manager at KfW Development Bank, she has been responsible for projects focusing on economic and financial sector development in the MENA region and, previously in Southeast Europe since 2008. Ines previously held various positions at KfW Group, in particular within risk management and at KfW Ipex Bank. She successfully passed the First and Second State Examinations in Law in Bavaria and started her career as a legal officer at the Treuhand Agency.

Annika Schulte

Annika is a member of the Investment Committee of the SANAD Debt Sub-Fund. At present she is a Principal Project Manager for the Middle East in the Employment and Education team at KfW Development Bank. Annika is responsible for Jordan, Syria, Lebanon and regional ventures in private sector development, long-term employment and education finance. She was previously responsible for private sector development in Yemen and the Palestinian territories. Annika holds a Master’s degree from the University of Tuebingen, in addition to studies at the Fundan University in Shanghai. She successfully completed the Postgraduate Training Programme at the German Development Institute in Bonn.

SANAD Equity Sub-Funds I and II – Investment Committees

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. 

SANAD Equity Sub-Fund I

Rauf Khalaf

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

Sonja Höss

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 Rang

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.

Joachim Rang

SANAD Equity Sub-Fund II

Dr. Heinz Hockmann

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 El Ghazaly

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 Müller

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 Technical Assistance Facility Committee

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 Reichel

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. 

Andrew Shaw

Andrew has been a member the Technical Assistance (TA) Committee since 2021. He presently leads FMO’s TA and Grants activities. With a passion for creating impact, Andrew has over 20 years of experience in the origination, design and implementation of successful TA projects and programs to support the private sector in emerging markets. to flourish and play its crucial role in achieving the SDGs. Prior to working at FMO, Andrew worked at the UK-based Crown Agents where he was responsible for a range of programs from a range of different donors, including the Japanese and UK governments, as well as various multilateral donors. He holds an MBA from TIAS, Netherlands and Bradford University, UK.

Inga Müller

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 FX Committee

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.

Dr. Nikolaus Siegfried

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.

Advisor

Finance in Motion is the advisor to the SANAD Fund for MSME, supporting the fund and its Technical Assistance Facility on an operational level.

Uwe Schober

Uwe has overall responsibility for the SANAD Fund and equity investments at Finance in Motion. Previously, he spent more than twelve years in investment banking in various positions with Warburg, UBS, and Morgan Stanley working in mergers and acquisitions and helping to raise capital (equity, debt, and hybrids) for a variety of companies in various industries. He also assisted high-technology firms in Moscow to access the Russian market. Uwe holds a Bachelor’s degree in Economics from the VWA Stuttgart, a Master’s degree in Documentary Photography from London College of Communication, and an MBA from London Business School.

Iveta Tancheva-Nikolova

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.

Dragan Spirovski

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 Karpuz

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.

Jacob Ole Nestingen

Ole heads the Technical Assistance Facility of the SANAD Fund for MSME. Before joining Finance in Motion in 2013, Ole gained experience in development finance and commercial banking as a consultant for GFA Consulting Group and at Wells Fargo in the United States. With experience across the Middle East and Africa, Ole has managed over one hundred projects in favor of multiple donors and investors. Ole holds a Master’s degree in Political Science from the University of Hamburg and a Bachelor’s in History from St. Olaf College in the United States.

Mohamed Morsy

Mohamed oversees SANAD’s investment activities in Egyptand 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.