Quick Facts

Where the impacts of the investment may be experienced.
  • Africa
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
  • Netherlands Development Finance Company (FMO)
Status: Active
Bank Risk Rating: B
Risk rating varies among banks and may refer only to the particular investment and not to the risk for the project as a whole. Projects marked 'U' have an 'Unknown' risk rating at the time of disclosure.
Board Decision Date: 2017-01-17
The estimate day the bank will vote on a proposed investment. The decision dates may change, so review updated project documents or contact the EWS team.
Borrower or Client: SANAD
The holder of the loan, grant, or other investment.
The service or industry focus of the investment. A project can have several sectors.
  • Finance
Investment Amount (USD): $ 7.21 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please review updated project documents for more information.

Currency conversion note:
Bank reported USD 6.06 MLN
Converted using 2017-12-25 exchange rate.

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Primary Source

Original disclosure @ FMO website
Updated in EWS: 2018-04-09

Project Description


FMO invests USD 15 million in the SANAD Debt Sub-Fund for MSME to support small businesses in the Middle East and North Africa (MENA). "SANAD" means "support" in Arabic. The Debt Sub-Fund seeks to promote stability in a challenging region by expanding financial inclusion for MSMEs that often have difficulties finding access to capital for starting or growing a business. SANAD loans to local financial institutions are on-lent to support MSMEs in multiple sectors, and the fund is currently examining expansions in areas such as agribusiness, housing, and youth and gender initiatives.


FMO is providing financing to SANAD through an investment of USD 15 million in the senior tranche of the debt sub-fund, money that will be on-lent by local partners to MSMEs. The investment comes from the MASSIF Fund, which FMO manages on behalf of the Dutch Ministry of Foreign Affairs. Supporting SANAD is an important step for MASSIF to further support entrepreneurs and SMEs in this (conflict) affected part of the world.


MASSIF provides much needed financial and non-financial resources to small businesses and micro-entrepreneurs by supporting local financial intermediaries and institutions that can contribute to their development. MASSIF invests in low income countries and fragile and conflict-affected states with special focus towards rural areas, women, youth and companies that are developing new innovative products and services for the so-called 'Base of the Pyramid'. Due to conflict and instability, the MENA region is a challenging region for investors. Financing in MENA is provided mainly to larger companies, while employment is largely driven by MSMEs. Given the developmental challenges resulting from the regiona€™s current situation and the need for MSME financing, FMO has increased its activities in the regiona€™s financial sector, to provide scarce financing for further economic, sustainable, and social development. The investment fits further efforts and activities of the Dutch Government to support economies in the MENA region, specifically in countries which deal with a strong influx of refugees.

Investment Description
Contact Information

South Africa
+27 11 507 2500



Communities who believe they will be negatively affected by a project funded by the Dutch Development Bank (FMO) may be able to file a complaint with the Independent Complaints Mechanism, which is the joint independent accountability mechanism of the Dutch Development Bank (FMO) and the German Investment Corporation (KfW) . A complaint can be filed in writing, by email, post, or online. The complaint can be filed in English or any other language of the complainant. The Independent Complaints Mechanism is comprised of a three-member Independent Expert Panel and it can provide either problem-solving, compliance review or both, in either order. Additional information about this accountability mechanism, including a guide and template for filing a complaint, can be found at: https://www.fmo.nl/independent-complaints-mechanism.

Bank Documents