SANAD Invests in New Egyptian Microfinance Partner
The SANAD Fund for MSME (SANAD), an impact investment fund advised by Finance in Motion, has provided a local currency loan equivalent to USD 500,000 to a new partner: Vitas Egypt. This tranche represents the first of a series of loans whose goal is to support the newly established microfinance institution in reaching out to Egypt’s underserved very small enterprise (VSE) and microfinance segment.
Vitas Egypt began operations at the end of 2018 as a joint venture between Vitas Group, a leading microfinance network in the region and longstanding SANAD partner, and Ebtikar for Financial Investment, a company dedicated to non-bank financial investments. With the new venture, the partners aim to combine the Vitas Group’s experience in microfinance in the Middle East and North Africa with Ebtikar’s nationwide reach in Egypt. The SANAD financing will be used to provide loans to Vitas Egypt’s clients – mainly VSEs and microenterprises – as well as technical assistance to the institution.