The Board of Directors of the African Development Bank Group (AfDB), on Wednesday, approved funding a total of €57.5 million (191.4 million dinars) for the benefit of Amen Bank to develop trade and support small- and medium-sized enterprises (SMEs).
This amount consists of a long-term investment loan of €35 million and a €15 million facility for trade finance, plus an additional €7.5 million from the Africa Growing Together Fund (AGTF).
According to an AfDB press release, Director General of the AfDB for North Africa Mohamed El Azizi said: “this new partnership with Amen Bank is great news for Tunisian companies that want to release their potential and contribute actively to the development of their country.
This new operation will allow Amen Bank to meet on a larger scale, to the financing needs of SMEs in health, agriculture and agro-food industry and industry sectors.
“By facilitating access to finance for SMEs, this new project is an important vehicle for investment, creation of value-added and employment in strategic areas for Tunisia,” AfDB Deputy Director-General for North Africa and Country Manager for Tunisia Yacine Diama Fal.
Through the mobilization of stable resources for the private sector, this project will help strengthen and diversify productive capacity in the country and stimulate growth in different
sectors of the economy. More broadly, its objective is to improve the country’s competitiveness, promote exportable supply, generate additional tax revenue and create new job opportunities.
AfDB’s Financial Sector Development Director Stefan Nalletamby indicated that “in line with our financial sector development strategy, this project will support private sector development by increasing financing opportunities for the Tunisian enterprises.”
A founding member of the African Development Bank in 1964, Tunisia is one of the main recipient countries of the institution’s financing, with a cumulative commitment of nearly 9 billion US dollars. These funds cover different sectors, including energy, water, transport, agriculture and social development.