AAIB Bank, Kfw’s SANAD Fund launch microfinance JV in Egypt

10 May 2018

Egypt’s Arab African International Bank (AAIB) and Germany’s SANAD Fund for MSMEs launched on Tuesday a joint venture to practice microfinancing activities in the North African country.

The new company, named Sandah, is the first joint venture formed in Egypt through a partnership between a banking institution and an international mutual fund.

AAIB will take a 70 percent stake in the joint venture and SANAD the rest.

SANAD is part of the German state-run Kfw Development Bank.

Sandah will finance commercial, agricultural, industrial, and services projects across Egypt, from Nile Delta to Upper Egypt areas.

“By establishing Sandah, AAIB is up to another round of growth targeting the microfinance segment.” the Egyptian bank said in a tweet.

amwalalghad

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