São Paulo – The World Bank will provide a US$ 50 million loan for Tunisia to increase its exports and foster foreign trade, especially among small and medium businesses. According to a statement issued by the World Bank last Monday (16th), exports from Tunisia are mostly comprised of low value-added products, which do not create the amount of jobs needed by the Tunisian economy.
As per the “Third Export Development Project,” the money will be spent on increasing the competitiveness of Tunisian companies, promoting access to financing, creating a project for manufacturing high value-added products, finding new markets and supporting the strengthening of Tunisia’s Export Promotion Centre.
“This project aims to help the country regain momentum by promoting its export sector to move beyond the current model of assembling products for foreign companies to becoming direct exporters of goods and services to a broader range of markets,” said project leader Djibrilla Issa, according to the statement.
*Translated by Gabriel Pomerancblum
