On Monday 10 July, the European Investment Bank (EIB) signed a new financing agreement in Tunisian dinars (amounting to the equivalent of €12 million) to strengthen its support for Tunisian micro-entrepreneurs. This new operation supported by EIB Global, the EIB’s branch for international partnerships and development finance, falls under the Microfinance Facility for the Southern Neighbourhood implemented in cooperation with the European Union.
The deal will generate significant added value, making long-term financing available on particularly attractive terms for a period of five years. A grant from the European Union will mean that Enda will not bear any exchange risk between the dinar and the euro. This new agreement brings the total amount of EIB transactions signed with Enda to €36 million.
The signature ceremony took place on the sidelines of the EIB MED Conference in Barcelona, and was attended by EIB Vice-President Ricardo Mourinho Félix, Managing Director of Enda Tamweel Mohamed Zmandar, EIB Director of Operations in EU Neighbouring Countries Lionel Rapaille and Head of the EIB’s Regional Office in Tunisia Jean-Luc Revéreault.
“We are certain that the private sector and small and micro-enterprises in particular are the backbone of sustainable economic growth in Tunisia. That’s why the EIB is proud to support Enda Tamweel and reaffirm its commitment to micro-entrepreneurs and particularly women and young people by making it easier for them to access finance. We will continue to support financial inclusion in Tunisia, as it is key to economic progress and has major social impact,” said EIB Vice-President Ricardo Mourinho Félix following the signing of the new finance contract with Enda Tamweel.
Managing Director of Enda Tamweel Mohamed Zmandar added: “This new EIB loan is another step forward in our longstanding partnership, and reiterates our determination and commitment to the financial and social inclusion of people living in poorer regions. This new agreement will help boost economic growth and employment with sustainable and responsible financing, a goal and a commitment we share with the EIB.”
The operations signed with Enda Tameel have made it possible to finance 36 000 projects promoted by women and young people.
EIB Global is the EIB Group’s specialised arm devoted to increasing the impact of international partnerships and development finance. It is designed to foster strong, focused partnership within Team Europe, alongside fellow development finance institutions and civil society. EIB Global brings the Group closer to local people, companies and institutions through our offices across the world.