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Tuesday 28 September 2021
HomeNewsTunisia-AfDB: 645MTD loan to modernize financial sector

Tunisia-AfDB: 645MTD loan to modernize financial sector

A loan agreement was signed Thursday, July 14, 2016 by the Ministry of Development, Investment and International Cooperation and the African Development Bank (ADB).

The signing took place during a ceremony at the headquarters of the department, in the presence of Minister Yacine Brahim and AfDB’s Regional Director for North Africa. Jacob Kolster.

The Minister said the loan worth EUR 268 million, the equivalent of 645 million dinars, is part of the support program for the modernization of the financial sector (2016 / 2017).

In the same vein, the Minister pointed out that the AfDB through this first operation this year shows once again its commitment to and solidarity with Tunisia, but also its commitment to honor its promises and cooperation programs with Tunisia.

“This support program is part of efforts by the government to conduct the necessary reforms to ensure considerable economic growth,” the minister said, adding that it will consolidate the achievements, thanks to other programs to support reforms financed by the bank since 2011 targeting primarily regional development and job creation.

For his part, Jacob Kolster said the program aims to create conditions for economic growth in Tunisia. T0e realization of this objective also requires ensuring the stability of the financial sector, he noted.

Jacob Kolster also took the opportunity to emphasize the will of AfDB to support Tunisia in this transition phase.

The bank’s portfolio granted to Tunisia for the year 2016 amounted to $ 1.3 billion through 43 operations.

To modernize the financial sector, the support program is based on two components. The first provides for improving financial inclusion, supporting reforms to expand microfinance, diversifying the mobile financial services offered to vulnerable groups and facilitating access to credit for micro-businesses.

As for the second component, it will support reforms related to strengthening the financial sector resilience and development of capital markets for efficient financing of the economy.

This support program will subsequently be accompanied and reinforced by a second program targeting reforms affecting inclusive regional development, the amount of which is around $ 200 million.

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