A €2-million (around 6.5 million dinars) loan agreement was signed Wednesday in Tunis between the European Bank for Reconstruction and Development (EBRD) and Advans Tunisie, subsidiary of leading international microfinance institution Advans group.
“These funds will help Advans Tunisie increase its financial support to small and medium sized enterprises (SMEs),” Advans Tunisie CEO Brieuc Cardon said during the signing ceremony in Tunis.
Under this agreement, EBRD will provide technical assistance to consolidate the institutional capacity of the credit risk management and operational risk of Advans Tunisie.
Head of EBRD’s office in Tunisia Antoine Sallé de Chou said, through this funding, the bank seeks to boost Tunisian SMEs “since the limited access to funding and cash flows hinders the development of several private companies.”
Since the start of its operations in Tunisia in 2012, EBRD has invested €934 million across 46 projects and provided technical assistance to almost 1.000 SMEs, de Chou added.
The official pointed out that EBRD investments in Tunisia are meant to “help Tunisia become more competitive by opening market and consolidating governance.”
The investments are designed to “promote the economic integration of women, young people and people and strengthen the financial sector’s resilience and foster the country’s transition to a green economy,” de Chou asserted.
ADVANS Tunisie is a member of ADVANS Group which is an international microfinance network based in nine countries in Africa and Asia. In Tunisia, it has a network of 15 agencies throughout the country.