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TunisiaMorocco: EU-funded SANAD reaffirms commitment to Fondation Arrawaj with USD 10 million loan for microentrepreneurs
The EU-funded SANAD Fund for MSME has reaffirmed its commitment to the Moroccan microfinance institution Fondation Arrawaj de la Finance Inclusive (previously Albaraka) through a second senior loan to the value of USD 10 million. This investment will support Fondation Arrawaj in continuing to provide a diversified set of lending products to microentrepreneurs in rural and urban regions of Morocco.
Fondation Arrawaj is the third largest microfinance institution in Morocco with 208 branches and a strong client base in rural areas. The institution is committed to supporting the development of income-generating activities, thus contributing to the financial inclusion of low-income people and encouraging employment. Fondation Arrawaj serves more than 143,000 borrowers, over half of whom are women.
Established in 2011, the SANAD Fund for MSMEs finances micro, small and medium enterprises and low-income households in the Middle East and North Africa via qualified local lenders. SANAD thereby fosters economic development and job creation – including youth employment – agriculture, affordable housing, and innovations in finance and financial technologies. SANAD’s investors include the KfW Development Bank and the European Union.
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SANAD Fund – website
Countries covered:
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Morocco
