The SANAD Fund for MSME (SANAD) has, since its inception, provided debt financing and capacity building to support the agriculture sector in Middle East and North Africa (MENA) totaling more than USD 156 million.
Russia’s invasion of Ukraine and the recent COVID-19 pandemic, have laid bare the fragility of global supply chains, including those necessary for sustaining food security. In the Middle East and North Africa (MENA) and sub-Saharan Africa (“SSA”) regions specifically, the spillover effects of the war have reiterated the pressing need to become less dependent on food imports. With less than 50% of its food produced locally, MENA’s high dependency on imports, especially grain imports from Ukraine and Russia, has made it very vulnerable to food supply disruptions.
“To build greater resiliency to the global crises that are negatively impacting on food security, it is necessary to reduce access barriers within the agricultural sector so that more farmers can contribute to the global food supply,” says Dr. Daniela Beckmann, SANAD Board Chairperson. “One way to do this is to improve access to finance within the agricultural sector, as it can position farmers to withstand supply disruptions and contribute to strong local agri-production in MENA and SSA.”
The SANAD Fund for MSME finances micro, small, and medium enterprises and low-income households in the Middle East and North Africa and selected countries in sub-Saharan Africa via qualified local lenders. SANAD thereby fosters economic development and job creation – including youth employment – agriculture, affordable housing, and innovations in finance and financial technologies.
(euneighbours)
