IFC, a member of the World Bank Group, and Amen Bank signed an agreement today to help strengthen the bank’s positioning as a key player in the Tunisian financial system.
IFC’s advisory team will help Amen Bank develop a comprehensive investor relations management framework aimed at improving financial communications nationally and globally. It will also help the bank better communicate on its strategy and pursue its development.
‘IFC is a key partner in helping us develop our business and allowing us to better serve the Tunisian people and businesses,’ says Ahmed El Karm, President of Amen Bank.
With over 162 branches across the country, Amen Bank is one of the largest private banks in Tunisia. Part of a leading financial conglomerate, it also has ambitions to develop its business outside the country, especially in Sub-Saharan countries.
‘The financial sector is playing a key role in the development of Tunisia’s economic activities,’ said Joumana Cobein, IFC Country Manager for the Maghreb region. ‘Improving banks’ visibility is critical to ensure they have access to the financing they need to encourage growth and job creation.’
The project is part of a larger long-term financial and technical assistance partnership between IFC and Amen Bank. IFC has a 10 percent equity stake in Amen Bank and has already successfully helped the bank enhance its risk management framework.
Since 2011, IFC has invested $145 million in Tunisia to support businesses in the agribusiness, health, SME private funds and microfinance sectors to help create jobs and spur economic growth. The work is part of broader IFC efforts in the Middle East and North Africa to improve the business climate and restore investor confidence.