The European Investment Bank (EIB) World on Tuesday announced new financial support for Tunisia worth a total of €450 million (TND 1,513 million).
This EIB commitment is intended to finance key investment for the upgrading of basic infrastructure and job creation.
The official announcement of this support will be made by EIB Vice-President in charge of financing for the Maghreb Loannis Tsakiris, on June 12-13, 2024, in the margins of the Tunisia Investment Forum (TIF).
Tsakiris, who is making his first official visit to Tunisia, will meet several government members.
‘The targeted projects are aimed at boosting resilience and private sector growth, providing sustainable energy solutions and improving accessibility in remote areas, thereby fostering more inclusive growth,’ according to an EIB press release.
The Bank said that the new announcements mainly cover a €170 million (TND 572 million) ‘Tunisia Economic Recovery’ credit line, which will be dedicated to offering enhanced support to micro, small and medium-sized enterprises, which make up around 90% of the country’s businesses and employ 60% of its workforce.
This project is also supported by an €8 million grant from the European Union.
Furthermore, the EIB will sign a finance contract worth €210 million (TND 706.5 million) to modernise the strategic corridor between Sfax and Kasserine, thereby improving connectivity and reducing mobility costs.
This support will promote more inclusive growth and the development of the private sector in the regions, by linking them to the major economic centres.
Besides, a loan of €45 million (TND 151.4 million) will be allocated to the ELMED electricity interconnection project between Tunisia and Italy. This project will help improve Tunisia’s energy security and enable the country to exploit its renewable energy production potential.
In addition to these new grants, the EIB will sign an EU grant of €25 million (84.1 million dinars) for the modernisation of schools in Tunisia, following on from the €40 million loan signed in 2023.
This project aims to improve learning and teaching conditions in schools, benefiting some 14,500 pupils with the construction of 80 new primary schools and further digitalisation of education.
‘Tunisia is an important partner for the EIB in the region and our support for its development initiatives remains strong. This new financing shows our commitment to the country’s development.”
