Sanad supports SMEs in Lebanon through partnership with Bank Audi
- Lebanon: Tuesday, February 05 - 2013 at 14:02
- PRESS RELEASE
The Sanad Fund for MSME (Sanad) signed a loan facility of up to $20m with Bank Audi sal - Audi Saradar Group (Bank Audi) to support the expansion of its lending activities to small and medium enterprises (SME) in Lebanon - a priority growth area for Bank Audi.
Through the partnership, the Lebanese SME sector is therefore set to benefit from improved access to finance. In addition, the loan's long-term tenor is a key element in addressing the need to support medium to longer-term funding for SMEs.
Sanad and Bank Audi are also looking for partnerships in other countries in the region.
Wolfgang Reuss, Chairman of Sanad's Board of Directors, observed: "Our two institutions embody a strong regional perspective, which makes a partnership between Sanad and Bank Audi a natural fit. Bank Audi enjoys a strong market position and ranks among the top 20 Arab banking groups in the Middle East, North Africa and Turkey. Sanad is also exclusively focused on the MENA region, and collaborates with selected partner institutions to channel much needed resources to SMEs. Supporting SMEs is crucial in Lebanon, where a vibrant private sector remains critical to future economic growth and greater employment opportunities."
Marc Audi, General Manager, Country Manager Lebanon, Bank Audi sal, said: "We would like to thank SANAD for its support and commitment to the Lebanese economy. Such confidence makes us even more determined to maintain our leading role in servicing it. This facility will help create economic opportunities for Lebanese SMEs and the Lebanese economy as a whole."
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