SANAD Fund for Micro, Small, and Medium-sized Enterprises announced signing an agreement with Egypt’s state-owned third biggest bank Banque du Caire to offer it a $10 million loan, according to Sanad’s press release on Monday.
“This loan is to support the bank’s activities in financing micro, small and medium projects in the Egyptian market,” the release clarified.
Managing Director of Sanad Fund Daniela Bachman said that the growth of micro, small and medium projects is one of the main factors to achieve economic recovery.
SANAD was established in 2011; the SANAD Fund for MSME 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. Source: Egypt today