Banking Sector News
SANAD lends USD 20 million to Lebanon’s Fransabank to support SMEs and low-income households
December 2, 2017
The SANAD Fund for MSME (SANAD) has provided a senior loan of USD 20 million to Fransabank SAL to support the bank’s efforts in expanding its lending operations to small and medium enterprises (SMEs), and providing housing loans to low-income individuals. Fransabank is the fourth largest bank in Lebanon with a strong presence in rural areas and focuses particularly on the small and medium-sized enterprise segment. For SANAD, the investment will strengthen the Fund’s position in the market and bolster visibility in Lebanon.
As a fully-fledged universal bank, Fransabank offers all products and services required by SMEs and individuals with competitive and responsible pricing, and operates the largest local branch network (124 branches) spread across all national territory. The SANAD loan will assist Fransabank in diversifying its fund base and providing long-term financing to SMEs as well as to low-income households for home improvement and purchase.
SANAD Board Chairperson Dr. Daniela Beckmann said, “Fransabank is an ideal partner in Lebanon due to its strong focus on financing SMEs which is core to the SANAD Fund on the account of its direct impact on employment generation in the country. Furthermore, Fransabank, in providing housing loans to low-income individuals, serves another important objective of our Fund. We are very much looking forward to the collaboration.”