On the 8th May Sandah for Microfinancing celebrated its launch in Cairo together with the Arab African International Bank and the SANAD Fund for Micro, Small and Medium Enterprises (MSMEs). Thus, the microfinance company is now the first of its kind to be established with the support of international investors since the new framework on governing microfinance was introduced by the Egyptian Financial Regulatory Authority (EFRA).
The ceremony was attended by over 400 guests amongst members of both, the Egyptian and German Government, the European Union as well as high-level representatives from the national and international banking sector. With a long history in financing large corporates in Egypt and the region, AAIB now hopes to serve the market for microfinancing, states AAIB’s Vice Chairman and Managing Director Mr. Hassan Abdalla. “Launching Sandah reflects the bank’s commitment to implementing sustainable development, which ensures the concurrent development of the economy, society and the environment.”, he continues.
Sandah seeks to become the key provider for financial services for MSMEs especially in governorates as Upper Egypt and the Delta Region. Together with SANAD Fund it therefore aims to reduce poverty through facilitating self-employment and to build inclusive financial systems through cooperation with other banks and financing institutions. Investors of the fund also include the KfW Development Bank and the European Union.
For more information, please find the full press release here