The European Bank for Reconstruction and Development (EBRD) has provided a €40 million loan to UBCI, for on-lending to micro, small and medium sized-enterprises (MSMEs), according to EBRD.
The EBRD’s credit line to UBCI will facilitate access to long-term funding for MSMEs. Such funding remains limited even though these firms are crucial for the sustainable development of the country’s real economy.
“MSMEs are the key driver of Tunisia’s economic transition and the main vehicle of job creation. Supporting their expansion is one of our core priorities in the country.
Through this new financing, we foster the development of the private sector and make it more sustainable,” Marie-Alexandra Veilleux, Head of EBRD office in Tunisia, said.
“We are delighted to initiate a relationship with UBCI, which will enable the EBRD to reach more MSMEs across Tunisia.
The new facility will undoubtedly enlarge and diversify our financing capacity for MSMEs and thereby contribute to strengthening the domestic economy,” Patrick Poupon, UBCI Managing Director, explained.
Since September 2012, when it began operations in Tunisia, the EBRD has committed over €210 million to financing 20 projects across various sectors. The Bank has also facilitated direct technical assistance through its Small Business Support program, which has benefited approximately 130 Tunisian SMEs to date, according to EBRD.