The EU-funded SANAD Fund for MSME (SANAD) has provided a senior loan of USD 4 million to Vitas Palestine Microfinance Company (Vitas). This fourth SANAD investment into the institution will be used to expand financing for local micro and small enterprises (MSEs) as well as low-income households in an environment where these sectors are particularly hard-hit by the economic ramifications of the COVID-19 crisis.
Vitas is one of the largest microfinance institutions in the region and has been a trusted partner of SANAD since 2015. With a primary focus on providing Palestinian MSEs and low-income households access to finance, Vitas is in a unique position to further SANAD’s goals of economic development and job creation in the Middle East and North Africa.
Established in 2011, the SANAD Fund for MSMEs 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’s investors include the KfW Development Bank and the European Union.
SANAD Fund – website