The SANAD Fund for MSME (SANAD) provided a new loan of $15m to Banque du Caire for micro, small, and medium enterprises (MSMEs), agricultural producers, and microfinance institutions (MFIs) in Egypt.
The investment aims to strengthen the bank’s ability to continue offering much-needed liquidity to business owners and farmers in response to the economic difficulties brought about by the COVID-19 crisis.
The bank is a SANAD partner since 2017. It has proven its commitment to supporting the fund’s mission to promote economic growth and job creation by channeling tailored financing to Egypt’s business owners.
“Banque du Caire has been a valuable partner to SANAD in our efforts to expand and deepen financial inclusion in Egypt’’ according to SANAD Board Chairperson Daniela Beckmann.
He added that the COVID-19 outbreak economic fallout has been rippling across the region, so SANAD has decided once again to join forces with this impactful institution to strengthen the financing base for local entrepreneurs – a significant pillar of income generation, stability, and employment within their communities.
Banque du Caire’s Chairperson Tarek Fayed said: “The new investment particularly aims to help businesses confront the current difficult environment by maintaining their access to dedicated financing, including by providing liquidity to farmers and small agricultural enterprises, as well as to MFIs with an outreach to low-income, rural, and otherwise disadvantaged groups.”
