São Paulo – The World Bank will support the provision of microfinancing in Tunisia. The organization will advise the Tunisia Entrepreneur Financial Center (CFE Tunisie) on how to increase its loans and develop customized products for the local small businesses. The information was published this Tuesday (30) on IBRD’s website.
The initiative’s goals are to help the Arab country’s micro-businesses and boost economic growth and job creation. CFE Tunisie was founded just last week and is part of an international network that includes 12 microfinance organizations.
The support to CFE Tunisie will be offered through the International Finance Corporation (IFC), a member of the World Bank group focused on the private sector. IFC will also support the CFE on risk management, allowing it to increase its loans to entrepreneurs, which is considered a crucial factor on the fight against poverty.
IFC is a key partner in helping us to develop our business and improve access to finance for VSEs [very small enterprises],” said Sylvain Bourgelas, CEO of CFE Tunisie. “This is absolutely critical to expanding CFE’s reach in Tunisia and encouraging economic growth,” she pointed out in a statement.
Currently, only 370,000 people have access to microfinancing in Tunisia, a country where nearly 2.5 million people live at or near the poverty line. “With this project, IFC is strengthening its support to the microfinance sector, promoting the development of entrepreneurship and inclusive growth in Tunisia,” said Georges Ghorra, IFC acting country manager in Tunisia.
*Translated by Sérgio Kakitani