H. Kong retail sales inch up in June '25    Egypt's SCZONE breaks ground on $55m Chinese textile projects in Sokhna    Egypt's FM, US envoy discuss Gaza ceasefire, Iran nuclear talks    Japan's c. bank holds key interest rate    Egypt's Electricity Ministry says new power cable for Giza area operational    Egypt exports first high-tech potato seeds to Uzbekistan after opening market    Modon Holding posts AED 2.1bn net profit in H1 2025    Egypt's Al-Sisi, Italian defence minister discuss Gaza, security cooperation    Egypt's FM discusses Gaza, Nile dam with US senators    Aid airdrops intensify as famine deepens in Gaza amid mounting international criticism    Health minister showcases AI's impact on healthcare at Huawei Cloud Summit    On anti-trafficking day, Egypt's PM calls fight a 'moral and humanitarian duty'    Egypt strengthens healthcare partnerships to enhance maternity, multiple sclerosis, and stroke care    Egypt keeps Gaza aid flowing, total tops 533,000 tons: minister    Indian Embassy to launch cultural festival in Assiut, film fest in Cairo    Egyptian aid convoy heads toward Gaza as humanitarian crisis deepens    Culture minister launches national plan to revive film industry, modernise cinematic assets    Sudan's ambassador to Egypt holds reconstruction talks on with Arab League    I won't trade my identity to please market: Douzi    Sisi sends letter to Nigerian president affirming strategic ties    Egypt, Senegal sign pharma MoU to unify regulatory standards    Two militants killed in foiled plot to revive 'Hasm' operations: Interior ministry    Egypt, Somalia discuss closer environmental cooperation    Egypt's EHA, Huawei discuss enhanced digital health    Foreign, housing ministers discuss Egypt's role in African development push    Egypt reveals heritage e-training portal    Three ancient rock-cut tombs discovered in Aswan    Sisi launches new support initiative for families of war, terrorism victims    Egypt expands e-ticketing to 110 heritage sites, adds self-service kiosks at Saqqara    Egypt's Irrigation Minister urges scientific cooperation to tackle water scarcity    Palm Hills Squash Open debuts with 48 international stars, $250,000 prize pool    On Sport to broadcast Pan Arab Golf Championship for Juniors and Ladies in Egypt    Golf Festival in Cairo to mark Arab Golf Federation's 50th anniversary    Germany among EU's priciest labour markets – official data    Paris Olympic gold '24 medals hit record value    A minute of silence for Egyptian sports    Russia says it's in sync with US, China, Pakistan on Taliban    It's a bit frustrating to draw at home: Real Madrid keeper after Villarreal game    Shoukry reviews with Guterres Egypt's efforts to achieve SDGs, promote human rights    Sudan says countries must cooperate on vaccines    Johnson & Johnson: Second shot boosts antibodies and protection against COVID-19    Egypt to tax bloggers, YouTubers    Egypt's FM asserts importance of stability in Libya, holding elections as scheduled    We mustn't lose touch: Muller after Bayern win in Bundesliga    Egypt records 36 new deaths from Covid-19, highest since mid June    Egypt sells $3 bln US-dollar dominated eurobonds    Gamal Hanafy's ceramic exhibition at Gezira Arts Centre is a must go    Italian Institute Director Davide Scalmani presents activities of the Cairo Institute for ITALIANA.IT platform    







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.