“The development of direct finance through the financial market has not yet reached the expected level, which requires the continuation of the reforms undertaken,” Nadia Gamha, Deputy Governor of the Central Bank of Tunisia, was quoted as a saying in a statement of the BCT.
She was speaking Wednesday at the close of the international conference of the Institute of Financing Development of the Arab Maghreb (IFID), held in Tunis, on “financing the Post-COVID economy by banks and insurance: a new issue.”
“New incentives need to be put in place and new products should be created to capture the long savings, including institutional, to give more depth and liquidity to the market.”
Gamha stressed that financial solutions can only be effective if they are accompanied by deep reforms of the real sphere.
“It is necessary to rethink the current economic model, while taking into account the priorities of stabilizing the major macroeconomic balances, controlling inflation and creating a business climate conducive to the development of investment and job creation, “she said.
She added that any recovery will depend not only on the ability to adapt and resilience “but also on the acceleration of the process of economic and financial rapprochement between the countries of the region to transform this crisis into a real opportunity.
The Vice-Governor also considered that the development of financing instruments adapted to startups and innovative projects and promotion of new technologies through venture capital and crowdfunding “are alternative sources to bank financing, likely to develop direct finance.
