Banque Internationale Arabe de Tunisie (BIAT) has signed a 156-million-dinar ($50 million) guarantee agreement with the European Bank for Reconstruction and Development (EBRD). The agreement, signed on October 25, was announced by BIAT on October 30.
The guarantee agreement will help BIAT to better support its import-export customers.
“This line will enable BIAT to issue guarantees in favor of its cross-border correspondent banks for the confirmation of transactions and also to support the volume of international trade by large Tunisian companies, SMEs and very small enterprises,” the lender said.
The agreement will also help to increase commercial lending to Tunisian operators in various sectors.
BIAT was Tunisia’s fifth-largest bank in terms of net profit growth in the second half of 2023. The lender, which is listed on the Tunis Stock Exchange, is 99.44% owned by Tunisian individuals and companies.
The EBRD, with which BIAT sealed the deal, has been active in Tunisia for 11 years. During this period, the European bank has invested almost €1.9 billion in 63 projects in the country.
