The European Investment Bank (EIB) decided this afternoon to commit 270 million Euros to help Tunisia boost employment among young people, diversify the private sector, and develop infrastructure in the poorest regions, announced a communiqué from the EIB.
Two financial contracts were signed today, totalling 170 million Euros, while the commitment for the remaining 100 million Euros will be penned in 2013.
The first contract was signed between the EIB, four banks – Banque tuniso-koweitienne, Amen Bank, Attijari Bank, and Banque de Tunisie – and two leasing companies – Attijari and Tunisie Leasing. The line of credit that the EIB is furnishing these banks and leasing companies comes to a sum of 100 million Euros and aims to support small and medium-sized enterprises (SMEs). Furthermore, the EIB hopes that this financial contract will facilitate access to credit thereby making SMEs more competitive and encouraging them to hire more employees.
The second contract was signed between the EIB and the Tunisian government with the goal of assisting local authorities in the rehabilitation and modernization of infrastructure in 119 poor urban areas across the country. The sum of this line of credit is 70 million Euros and will be allocated specifically to projects related to local water networks, road drainage systems, power networks, and public areas, such as playgrounds and sports and cultural facilities.
“Through this action we will be improving the daily life of Tunisians. We are preparing the future of the younger generations,” said EIB Vice President Philippe de Fontaine Vive at today’s signing ceremony.