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Luxembourg and Cairo - The SANAD Fund for MSME (SANAD) today announced an additional USD 10 million senior loan to ALEXBANK to support the lender's ongoing expansion of financing for Egyptian micro, small and medium-sized enterprises (MSMEs).
The Egyptian lender operates a specialized SME department along with decentralized SME business centers throughout the country to increase outreach and access to finance. It is also one of the few banks in the country that is heavily engaged in microfinance services.
Wolfgang Reuss, Chairman of SANAD's Board of Directors, said: "This latest investment in ALEXBANK demonstrates the success of our ongoing partnership, one that continues to support MSMEs in Egypt."
Dante Campioni, Managing Director and CEO of ALEXBANK, stated "The MSME segment is of vital importance for the healthy growth of the Egyptian economy. As a core component of the Egyptian banking sector, we are pleased to be able to increase our outreach and enhance the access to credit for this vibrant segment, and to be able to strongly support job creation. We are thankful to SANAD for the extension of this additional facility, a testimony to the strength and growth prospects of our partnership and our joint commitment in supporting the Egyptian MSMEs."
About SANAD
The SANAD Fund for MSME (SANAD) was established in 2011 to foster economic development and create jobs, particularly for youth, in the Middle East and North Africa. SANAD strives to meet these goals by providing debt and equity funding to local financial institutions that on-lend money to support micro, small and medium enterprises and housing development. 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, the Austrian development bank OeEB, and Switzerland's State Secretariat for Economic Affairs (SECO). 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.
About ALEXBANK
Established in 1957, today ALEXBANK is one of Egypt's leading private sector banks, participated by Intesa Sanpaolo Group since 2007. ALEXBANK owns one of the largest private sector branch networks in the country, with a total of 170 branches located in every major Egyptian governorate and about 5,000 employees. ALEXBANK is proud to serve about 1.5 million customers, playing a vital role in Egypt's economic present and future. Every day ALEXBANK serves customers from all segments by providing value added financial products, services and solutions to Corporate, SME, Small Business and Retail Customers. For more information, please visit: www.alexbank.com
Media contact - SANAD
Eric Culp
Press Officer
Phone: +49 (0) 69 271 035-307
E-mail: press@sanad.lu
Media contact - AlexBank
Israa Amin
Public Relations Specialist
Phone: 00201091948170
E-mail: Israa.Amin@AlexBank.com
© Press Release 2016
