The SANAD Fund for MSMEs (SANAD) has granted a USD 1 million loan to Moroccan Attadamoune Micro-Finance in order to expand access to finance for Moroccan micro and small enterprises (MSMEs), particularly in rural areas. This funding will provide local currency financing to Attadamoune Micro-Finance through its network of 48 branches across Morocco, according to a press release issued on Tuesday (February 8th).
Created in 1994, the Moroccan microcredit specialist intends, through this SANAD facility, to revive microfinance in the country to extend financial inclusion to underserved groups.
“Local currency loans are a key element of responsible finance, as they protect borrowers from currency risk. Attadamoune’s extensive experience serving micro-enterprises in rural and underdeveloped areas makes it an optimal partner for SANAD’s mission to support economic development and stability in North Africa through sustainable finance,” said commented SANAD Board Chair, Dr. Daniela Beckmann.
The SANAD Fund was established by the German development bank KfW with financial support from the German Federal Ministry for Economic Cooperation and Development (BMZ). It also receives contributions from the European Commission and a diverse group of public international financial institutions and private investors.
