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Monday 20 September 2021
HomeFeatured NewsTunisia: CPG plans to fund mining basin bank

Tunisia: CPG plans to fund mining basin bank

The Gafsa Phosphates Company (CPG) plans to fund a credit institution dedicated to the region and the sector by allocating to it 400 million dinars from its profits. The bank should be operational in 2014, according to the Spokesman for the Company Mourad Sellimi. It aims to finance the creation and development of small and medium enterprises (SMEs/SMIs) and support private initiative and development effort in the mining areas in Gafsa and contribute to the creation and financing of projects in public and private partnership. The expected capital for this bank, which will be headquartered in Gafsa, is 100 million dinars, said a statement released Tuesday by the CPG.

An application for approval is being examined at the Central Bank of Tunisia from August 17, 2011.

The CPG seeks, through the creation of this credit institution, to establish a universal bank with a full range of products and services with broad spectrum.

The project involves the installation of 14 bank branches in the Governorate of Gafsa between 2012 and 2014, with a higher densification in mining sites.

This project will help create direct and indirect jobs through the projects it will finance and support their establishment.

It is expected to finance and support over 300 small and medium enterprise projects by 2016 with contribution of nearly 200 million dinars.

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