The Technical Assistance Facility of the SANAD Fund for MSME has received a EUR 420,000 contribution from OeEB, the Development Bank of Austria, which is funded by the Austrian Ministry of Finance. The contribution is earmarked for projects in Jordan and Lebanon that support refugees, displaced persons, and local communities negatively affected by the refugee crisis. The contribution could finance measures such as studies, training, or direct technical assistance to financial institutions in areas that include product development.
SANAD is one of a small number of impact investing funds that offers in-house technical assistance along with financing for micro, small and medium enterprises, housing, and a range of other economy-building sectors. The OeEB contribution follows a EUR 15 million investment in the senior tranche of SANAD's debt sub-fund in 2016 and a similar investment of EUR 10 million in 2015.
SANAD Technical Assistance Facility Committee Chairman Ines Ebrecht said: "We thank the OeEB for its contribution, and we are proud to support those negatively impacted by the refugee crisis."
Andrea Hagmann and Michael Wancata, members of the executive board of OeEB, said: "The contribution for technical assistance measures complements our engagement in SANAD and ensures the impact of our investments."
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. SANAD strives to meet these goals by providing debt and equity financing to its local partners. The SANAD Technical Assistance Facility multiplies the fund's development impact and outreach through capacity-building at partner institutions, developing financial infrastructures according to the principles of responsible finance and conducting much required R&D. SANAD's investors include the KfW Development Bank, which initiated the fund; the German Federal Ministry for Economic Cooperation and Development (BMZ); the European Union; Switzerland's State Secretariat for Economic Affairs (SECO); OeEB, the Development Bank of Austria; Germany's GLS Bank; and the Dutch development bank FMO. A public-private partnership, the fund is advised by Finance in Motion GmbH, Frankfurt am Main, Germany. For more information, please visit: www.sanad.lu
Oesterreichische Entwicklungsbank AG (OeEB) has been operating as the Development Bank of Austria since March 2008. It specialises in the provision of long-term finance for the implementation of private sector projects in developing countries which create sustainable development. Additionally, OeEB provides technical assistance, which can be used to enhance the developmental impact of projects.
Media contact – SANAD
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Media contact – Oesterreichische Entwicklungsbank AG (OeEB)
Phone: +43 1 533 12 00-2979