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."