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Further development for the Arab Spring KfW supports strengthening of banking and financial sector in Tunisia with up to EUR 460 million

Nachrichtenagentur: news aktuell
11.07.2018, 17:31  |  386   |   |   
Frankfurt am Main (ots) -

- Launches with EUR 100 million for the Compact with Africa reform
partnership, aiming for reforms at macroeconomic level in
banking and finance

On behalf of the German Federal Ministry for Economic Cooperation
and Development (BMZ), KfW has today signed a promotional loan for
EUR 100 million. As the first of three possible tranches, it comes as
part of the wide-ranging reform package which the Federal Government
has negotiated with Tunisia (Germany's contribution to the G20
Compact with Africa initiative). This aims to transform the Tunisian
financial sector, involving structural reforms in small and
medium-sized enterprise financing, as well as improvements in general
conditions, public finances and capital market development.

Along with the reform package, Tunisia is also due to receive a
reduced-interest loan for up to EUR 140 million once it has completed
the initial reforming steps. This sum is to be extended to Tunisian
commercial banks and leasing companies, which will then issue loans
to micro, small and medium-sized enterprises (MSMEs) under attractive
conditions. There is a pressing need for action, as 49% of businesses
lack adequate financing.

Through KfW, the BMZ is providing another EUR 10 million on a
grant basis to finance investment advisory services for the planned
processes of transformation in the Tunisian financial sector,
including the potential formation of a consolidated Tunisian
promotional bank. EUR 10 million for a guarantee facility to support
start-up financing caps off the comprehensive reform partnership.

"Seven years on from the revolution - the Arab Spring - Tunisia
still finds itself in a period of economic and political upheaval.
Reform in the financial sector, including banking, is urgently
required to facilitate Tunisian businesses' performance capacity and
growth, to curb high youth unemployment and to guarantee access to
loans - especially for those 98% of the country's enterprises that
are micro and small-sized," says Dr Joachim Nagel, Member of the
Executive Board of KfW Group.

To date, Tunisia has been one of three countries (alongside the
Ivory Coast and Ghana) that Germany has supported with a
comprehensive, reform-minded approach as part of the Compact with
Africa initiative.

More information on KfW Development Bank is available at:

Originaltext: KfW
digital press kits: http://www.presseportal.de/nr/41193
press kits via RSS: http://www.presseportal.de/rss/pm_41193.rss2

KfW, Palmengartenstr. 5 - 9, 60325 Frankfurt
Kommunikation (KOM), Charis Pöthig
Tel. +49 (0)69 7431 4683, Fax: +49 (0)69 7431 3266,
E-Mail: charis.poethig@kfw.de, Internet: www.kfw.de
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