SANAD Assists Tamweelcom's Beneficiaries through $1.5 Million Loan
8th December 2013
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Tamweelcom gained an important ally for beneficiaries seeking long-term financial sustainability to free them from poverty with an investment from the MENA Fund for Micro-, Small, and Medium Enterprises (SANAD), which offered a $1.5 million local currency loan to Tamweelcom. The agreement marks SANAD’s third investment in Jordan.
SANAD’s loan will help Tamweelcom to further develop its financing service to micro- and small enterprises, supporting the organization's mission to provide financial and non-financial services to the low-income and productive-poor citizens in order to improve their quality oflife. Through its large network,Tamweelcom provides access to finance across Jordan and focuses particularly on women, who represent 94% of all total active borrowers.
“SANAD is pleased to collaborate with amicrofinance institution which has such a clear social mission on supporting low-income and poor people,” said Wolfgang Reuss, Chairman of the Board of Directors of the SANAD. “Tamweelcom is one of the leading institutions in Jordan with a strong market share.”Ziad Al Refai, CEO of Tamweelcom said: “We are very happy to be working with SANAD. The fund is well experienced in supporting financial institutions whether financially or through technical assistance, and has a sound record in the Jordanian market. We are looking forward to a long and successful partnership with SANAD that provides benefits to our clients.”