São Paulo – This Thursday (24th), the World Bank announced that it will loan US$ 48 million to Tunisia by means of its private sector arm the International Finance Corporation (IFC). The cash will be spent on financing small businesses and creating jobs. The announcement was made by the end of the visit of World Bank president Jim Yong Kim to the country.
According to a World Bank press release, the IFC and two funds managed by its asset management company will invest up to US$ 48 million in the Amen Bank.
Besides the loan, the IFC will provide corporate governance and risk management consulting to the Tunisian bank. “The partnership is expected to help Amen Bank expand its lending to smaller businesses, which often have trouble accessing the financing they need to grow,” according to the release.
Kim’s visit to Tunisia, which started last Wednesday (23rd), was his first to a North African country since he took office in July 2012. In the country, he met with top-tier authorities such as president Moncef Marzouk, prime minister Hamadi Jebali, civil society representatives, and entrepreneurs.
At the meetings, he discussed the country’s plans, such as the implementation of political reforms two years after the beginning of the revolution that overthrew the former president Zine El Abidine Ben Ali.
“It was a very inspiring experience for me to meet with representatives of civil society who were at the center of starting the revolution that has had a truly global reach. The opportunity to sit with them and hear their perspectives on what needs to happen next was very enlightening,” he said.
In November 2012, the World Bank loaned US$ 500 million for the Tunisian government to improve the business climate, enhance financial stability, and carry out social reforms. The IFC has loaned a total of US$ 105 million to the country.
*Translated by Gabriel Pomerancblum
