The EU-funded SANAD Fund for MSME (SANAD) has provided a subordinated loan of USD 15 million to new partner Cairo Amman Bank (CAB) to help the bank expand financing to local small businesses and low-income households in Jordan and the Palestinian Territories.
CAB is the third largest retail bank in Jordan, with a solid focus on the micro, small, and medium enterprise (MSME) segment – a key driver of employment and income generation in the region. It also provides financing to low-income households for home purchase and improvement. The SANAD investment, which is the fund’s first loan to a bank in Jordan and first subordinated debt for the fund in the MENA region, aims to support CAB in increasing financial inclusion to target groups that may otherwise find difficulty accessing financing to suit their needs.
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