• Africa
Where the impacts of the investment may be experienced.
Financial Institutions
  • Netherlands Development Finance Company (FMO)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Project Status
Bank Risk Rating
Risk rating varies among banks and may refer only to the particular investment and not to the risk for the project as a whole. Projects marked 'U' have an 'Unknown' risk rating at the time of disclosure.
Voting Date
Jan 17, 2017
The estimate day the bank will vote on a proposed investment. The decision dates may change, so review updated project documents or contact the EWS team.
The holder of the loan, grant, or other investment.
  • Finance
The service or industry focus of the investment. A project can have several sectors.
Investment Amount (USD)
$ 7.21 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please review updated project documents for more information.
Currency conversion note:
Bank reported USD 6.06 MLN
Converted using 2017-12-25 exchange rate.
Bank Documents
Primary Source

Original disclosure @ FMO website

Updated in EWS Jun 28, 2018

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Project Description

FMO is investing USD 15 million in the SANAD Debt Sub-Fund for MSME to support small businesses in the Middle East and North Africa (MENA). "SANAD" means "support" in Arabic. The Debt Sub-Fund seeks to promote stability in a challenging region by expanding financial inclusion for MSMEs that often have difficulties finding access to capital for starting or growing a business. SANAD loans to local financial institutions are on-lent to support MSMEs in multiple sectors, and the fund is currently examining expansions in areas such as agribusiness, housing, and youth and gender initiatives.

FMO is providing financing to SANAD through an investment of USD 15 million in the senior tranche of the debt sub-fund, money that will be on-lent by local partners to MSMEs. The investment comes from the MASSIF Fund, which FMO manages on behalf of the Dutch Ministry of Foreign Affairs. Supporting SANAD is an important step for MASSIF to further support entrepreneurs and SMEs in this (conflict) affected part of the world.


Investment Description
  • Netherlands Development Finance Company (FMO)
Contact Information

South Africa
+27 11 507 2500



Communities who believe they will be negatively affected by a project funded by the Dutch Development Bank (FMO) may be able to file a complaint with the Independent Complaints Mechanism, which is the joint independent accountability mechanism of the Dutch Development Bank (FMO) and the German Investment Corporation (KfW) . A complaint can be filed in writing, by email, post, or online. The complaint can be filed in English or any other language of the complainant. The Independent Complaints Mechanism is comprised of a three-member Independent Expert Panel and it can provide either problem-solving, compliance review or both, in either order. Additional information about this accountability mechanism, including a guide and template for filing a complaint, can be found at: