The SANAD Fund for MSME (SANAD) has invested USD 3 million in the Palestine for Credit & Development Company (FATEN) to increase financing opportunities for rural clients in the Palestinian Territories.
The leading microfinance institution in the Palestinian Territories, FATEN specializes in providing loans to micro and small enterprises (MSEs) in the West Bank, East Jerusalem, and Gaza, and has been a core local partner for SANAD since 2012. The new investment – the first of two planned tranches – will focus on expanding needed business financing to farmers and other clients in rural areas, including refugee camps. By growing FATEN’s lending capacity and outreach to this underserved target group, the partnership will advance SANAD’s mission to promote economic development and job creation in the region.
SANAD Board Chairperson Dr. Daniela Beckmann said: “Its strong presence in underserved areas and widespread branch network has made FATEN an important strategic partner in helping SANAD funds reach the entrepreneurs who need them. With this investment, we are focusing especially on agriculture and other rural clients who may otherwise have difficulty accessing financing to establish their businesses or help them grow.”