EU-funded SANAD helps with COVID-19 crisis recovery through innovative digitalization program

22-02-2021
SANAD logo
SANAD logo
Copyright: Sanad

The Technical Assistance Facility of the SANAD Fund for MSME (SANAD TAF) has launched a new COVID-19 response program for micro, small, and medium enterprises (MSMEs) and microfinance institutions (MFIs) in the Middle East and North Africa.

Through a two-pronged approach that combines SANAD debt financing with a grant component to facilitate the implementation of digital solutions, the SANAD TAF aims to help entrepreneurs and the financial infrastructure that supports them in overcoming the economic challenges of the coronavirus crisis.
In a first-of-its-kind initiative, the SANAD TAF is enhancing the fund’s crisis response measures by supplementing SANAD financing with three types of additional support.

The initiative will be available to selected SANAD partner institutions until the end of 2022.

The SANAD Fund was established in 2011 to foster economic development and create jobs, particularly for youth, in the Middle East and North Africa by providing debt and equity funding to local financial institutions that lend money to support MSMEs and housing development. The SANAD Technical Assistance Facility multiplies the fund’s development impact and outreach through capacity-building at partner institutions, developing financial infrastructures according to the principles of responsible finance and conducting much required R&D.

 

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Press release

SANAD Fund – website