Al Majmoua gets Sanad funding
Deal to enhance microfinance support
The Sanad Fund and the local microfinance institution Al Majmoua have signed a $2 million loan agreement to support local micro-entrepreneurs.
Al Majmoua offers financial and nonfinancial services to individuals who do not otherwise enjoy access to finance in order to fund their initiatives.
Youssef Fawaz, Executive Director of Al Majmoua, said: “This loan agreement highlights the important role which microfinance – and Al Majmoua in particular – plays in sustainable development by economically empowering low-income individuals, especially micro-entrepreneurs and women.”
The financial facility aims to support Al Majmoua’s plan to expand its scope of work. “Al Majmoua is planning to extend its support to initiatives between micro and small enterprises,” said Huda Sayegh, Financial Manager at Al Majmoua.
Al Majmoua is the largest local financier of micro-sized enterprises with 40,000 beneficiaries. As of March 2013, it had an outstanding loan portfolio of some $33 million.
“Al Majmoua was initially funded through grants, and later started funding itself through earnings, as well as loan agreements similar to the one with Sanad,” said Sayegh. Al Majmoua's other lenders include KIVA, Habitat for Humanity, Blue Orchard, ICO (Instituto de Crédito Oficial) of Spain, and the European Investment Bank.
Date Posted: Jun 06, 2013