The German development bank KfW said it has provided a grant of 66 million dinars (€20 million) to the Republic of Tunisia to help preserve jobs in private companies affected by the COVID 19 pandemic.
The grant is provided by the Investment Facility for Employment and implemented by KfW on behalf of the German Federal Ministry for Economic Cooperation and Development (BMZ).
In Tunisia, the grant program is led by the Ministry of Economy, Finance and Investment Support, which has mandated the Central Bank of Tunisia to implement it.
The grant program aims to provide the most efficient and effective means of financing the country’s economic development.
The subsidy program aims to support employment in small and medium-sized enterprises over a three-month period.
Only small and medium-sized businesses with fewer than 250 employees can apply.
Companies will need to prove that they were negatively affected by the pandemic and were in good financial health before the crisis began.
The COVID crisis hit many small and medium-sized businesses hard, through no fault of their own. This German-funded program offers them transitional assistance and allows them to keep their employees, Mr. Peter Prugel, German Ambassador to Tunisia said at the launch of the program.
The grants will help these companies cope with the effects of the pandemic. Companies can apply for grants exclusively through their main bank. Details and eligibility criteria will be communicated in a memo from the Central Bank of Tunisia.
The grants will be provided by the Central Bank of Tunisia.
The support provided by the Investments for Employment Facility is aimed at preserving more than 18,000 direct jobs in the private sector and reinforcing existing measures that have been put in place by the Republic of Tunisia to mitigate the effects of the COVID-19 pandemic.
The Investing for Employment Facility is part of the Special Training and Employment Initiative of the German Federal Ministry for Economic Cooperation and Development (BMZ).
It is implemented in eight partner countries on the African continent. Its objective is to improve conditions in selected economic sectors, remove barriers to investment, and encourage private sector employment.
The facility is designed to support the development of the African economy.