MENA startups get $15m boost

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Netherlands-based development bank FMO has invested US$15 million in the SANAD Fund which provides support to micro, small and medium enterprises (MSME) in the Middle East and North Africa (MENA).

FMO said conflict and instability in the MENA region has made it a challenging destination for investors, resulting in limited financing options for MSMEs – despite the fact they are the main drivers of employment.

As such, FMO is increasing its activities in the region’s financial sector aimed at MSMEs, to support further economic, sustainable, and social development.

The US$15 million invested by FMO is provided through the MASSIF Fund, which FMO manages on behalf of the Dutch government.

The funds will be on-lent to MSMEs in the region by local partners.

“We are delighted that FMO is investing in our ongoing support of small businesses in the Middle East and North Africa. The bank’s commitment should also allow us to attract further financing so we can continue bolstering the development of MSMEs and youth job creation in the low- and middle-income regions the fund serves,” said Wolfgang Reuss, SANAD board chairman.

SANAD funds are used to support MSMEs in multiple sectors.

 

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Inspired and excited by the African tech entrepreneurial scene, Gabriella spends her time travelling around the continent to report on the most innovative tech startups, the most active investors, and the latest trends emerging in the ecosystem.

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