IsDB and Tunisia Sign $60 Million Financing Agreement to Support SMEs

The Islamic Development Bank (IsDB) and Tunisia have signed a $60 million financing agreement to support small and medium-sized enterprises (SMEs) in the country. The agreement, which includes a $50 million loan from the IsDB and a $10 million grant from the United Nations Development Programme (UNDP), was signed in Riyadh on May 2, 2024.

The Tunisian Minister of Economy and Planning, Feriel Ouerghi Sebai, and the IsDB Chairman, Muhammad Sulaiman Al Jasser, signed the agreement during the IsDB's 2024 Annual Meetings in the Saudi capital. The financing aims to support SMEs, strengthen investment funds, promote renewable and clean energy, and develop human resources in Tunisia.

Why this matters: Supporting small and medium-sized enterprises is essential for economic growth and job creation in Tunisia. This financing agreement demonstrates the commitment of international organizations to assist Tunisia in its efforts to strengthen its economy and promote sustainable development.

During her visit to Riyadh, Minister Sebai also met with Tunisian-Saudi business leaders to discuss investment opportunities in Tunisia and the government's efforts to improve the business and investment climate in the country. She highlighted the upcoming Tunisia Investment Forum, scheduled for June 2024, as an opportunity for investors to explore potential projects and partnerships in Tunisia.

The IsDB and UNDP have been long-standing partners in supporting development projects in Tunisia and other member countries. "This agreement is evidence of our commitment to supporting Tunisia's economic growth and development," said IsDB Chairman Al Jasser during the signing ceremony.

Key Takeaways

• IsDB and Tunisia sign $60M financing agreement to support SMEs.
• Loan of $50M from IsDB, $10M grant from UNDP, signed in Riyadh.
• Financing aims to strengthen SMEs, investment funds, renewable energy, and human resources.
• Supports Tunisia's economic growth and sustainable development efforts.
• Tunisia Investment Forum in June 2024 to explore investment opportunities.