Egypt's Trade, Public Enterprise Ministers discuss providing textile factories with raw materials    Egypt, Russia demand Israel end bloodshed in Occupied Palestinian Territories    Remittances to Egypt increase 11% to high of $30bn in 2020: World Bank    Egyptian, US navies hold joint exercises in Red Sea    Egypt sets up extensive contacts to halt Israeli attacks on Palestinian territories    Sudan pledges to investigate killing of 2 protestors during peaceful sit-in    Grand Egyptian Museum finishes installing Tutankhamun's 3rd shrine    Egypt discovers several ancient tombs in Sohag's Al-Hamdiya necropolis    BSH International reviews expansion strategy in Egyptian market    Egypt scales up readiness of hospitals nationwide for Eid Al-Fitr holidays    Egyptian hospitals in Sinai on alert amid Israeli aggression on Gaza    Egypt announces Thursday 1st day of Eid Al-Fitr    Nuweiba: Egypt's paradise of serenity    Global economic recovery to improve debt service coverage ratios: Moody's    Egypt's current account deficit jumps to $7.6 bln in 1H of FY2020/21: CBE    Egypt's trade deficit down 1.2% to $3.34bn in February 2021: CAPMAS    Egypt raises readiness at university hospitals for Eid Al-Fitr holidays    Egypt's Parliament discusses abolishing imprisonment for female debtors    India signs an agreement to buy 300,000 doses of Remdesivir from Eva Pharma    Egypt will locally manufacture first 2m Sinovac vaccine doses by June-end    2021 South East European Film Festival celebrates cinematic diversity of 18 countries    Turkey seeks to restore 'historic unity' with Egyptian people: Erdogan    Elneny's Arsenal targets 'remontada' in Europa League semi-finals    Zamalek eye return to victories at expense of Smouha in Egyptian Premier League    Al Ahly face injuries as they take on Al Ittihad Alexandria    Egypt buys 30 Rafale fighter jets from France    Direct flights between Russia and Egypt will resume in June, Ambassador    Egypt's Ahly is establishing a new stadium, expected to be 'sports complex'    Blinken presses Ethiopia's Abiy to ensure full withdrawal of Eritrean troops from Tigray    Forces opposed to Somali president control parts of Mogadishu    Nine people executed in Egypt over Kerdasa police killings in 2013    UEFA investigating Ibrahimovic's alleged ties to betting company    61 doctors died from coronavirus since start of April: Egypt's medical syndicate    Egypt targets 5.6% inflation rate in FY2020/21, 6% in FY2021/22    Egypt allocates EGP 132 bln to modernise railway system: Transport minister    Real Madrid not thinking about any Super League sanctions: Zidane    Total declares force majeure on Mozambique LNG after attacks    All the winners at the 93rd Academy Awards    Egypt's Ahly granted approval to build new stadium on Cairo outskirts    Aswan Int'l Women's Film Festival dedicates 5th edition to Kawthar Heikal    BREAKING: Egypt's information minister Osama Heikal resigns amid parliamentary criticism    'War was not Egypt's aim, but peace was the ultimate goal,' Sisi says on Sinai Liberation Day anniversary    Factbox: Key nominations for the 2021 Academy Awards    Old Cairo's Al-Fustat will be revamped on Egyptian President's directives    Veteran Egyptian journalist Makram Mohamed Ahmed passes away at 86    Allianz Egypt partners with IGNITE to equip brand ambassadors for 2021 Olympics    Hassan Allam consortium wins contract to manage, operate Grand Egyptian Museum    Seasoned Egyptian screenwriter Wahid Hamed dies at 76    

Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.

AAIB, SANAD Fund launch Sandah for microfinance in Egypt
Published in Daily News Egypt on 09 - 05 - 2018

Egypt's newest microfinance lending institution, Sandah, was launched in Cairo on Tuesday with EGP 155m in capital. Its main founding shareholders—the Arab African International Bank (AAIB) and SANAD Fund for MSME (SANAD)—celebrated the launch of Egypt's newest microfinance company.
SANAD Fund's expansion in the Egyptian market is a testament to the international financial institutions' confidence in the country's economy.
The AAIB was selected to enact the partnership, it being one of the top private banks in Egypt.
The move makes the AAIB the first and only bank to have full-fledged on-the-ground microfinance operations through a standalone subsidiary.
Sandah aims at facilitating financial inclusion to accommodate the disenfranchised, low-income segments in Egypt's governorates from the Nile Delta to Upper Egypt.
The AAIB, as well as its subsidiaries, and SANAD, with respective shares of 70% and 30, have pooled their expertise to achieve Sandah's vision for advancing microfinance in Egypt. The company will finance the commercial, agricultural, industrial, and service sectors categorically all across Egypt.
Hassan Abdalla, CEO of the AAIB and Sandah, commented, "the Arab African International Bank finds pride in establishing Sandah—a specialised microfinance company and the latest addition to its subsidiaries—with the objective of contributing to Egypt's balanced economic growth."
Abdalla added, "at this stage of Egypt's development and given the evolving, dynamic socio-economic landscape, the bank is keen to penetrate the microfinance sector to empower the disenfranchised segments and help advance inclusive growth. Today, the number of micro, small, and medium enterprises in Egypt exceeds 6.5m with a credit gap of $10bn. Launching Sandah comes in the context of the bank's commitment to implementing sustainable development."
SANAD Board Chairperson Daniela Beckman commented, "we are proud to support the launch of Egypt's first internationally backed microfinance company. Egypt is one of our key markets with huge expansion potential."
Bassel Rahmy, CEO and managing director of Sandah, remarked, "Sandah lands in the Egyptian market with a completely different set of strategies and tactics. Sandah aims to provide value services to the productive, under-privileged, low-income, and economically challenged population to improve their social influence and financial standards."

Clic here to read the story from its source.