ICEC

SANAD Fund mulls $10 million in funding for Egyptian startup

SANAD Fund for MSMEs, part of the German state-run Kfw Development Bank, is studying providing a $10 million in funding for an Egyptian startup, its regional head Mohamed Morsy said on Tuesday.

“We have provided a $52.5 million financing for the National Bank of Egypt,” Morsy said at the Egyptian Third Annual Leasing Conference.

In addition, Egypt’s Export Development Bank has recently secured a loan of $10 million from SANAD Fund, whereby the fund had disbursed a first tranche of $5 million, Morsy said.

SANAD was initiated by KfW Development Bank as a public-private partnership model.

Funded by the German Federal Ministry for Economic Cooperation and Development (BMZ), the European Union, the KfW Development Bank, Switzerland´s State Secretariat for Economic Affairs (SECO), the Development Bank of Austria (OeEB), the german GLS Bank and the Dutch Development Bank (FMO) the Fund is open to development finance and international financial institutions as well as private investors.

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