European Bank for Reconstruction and Development boosts small firms in Tunisia
January 9, 2020
The European Bank for Reconstruction and Development (EBRD) is helping to increase the availability of funds for small firms in Tunisia through a local currency loan equivalent to €2 million to Advans Tunisie, an international microfinance institution serving more than one million customers worldwide and 16,000 in Tunisia by the end of 2019.
Poor access to finance and liquidity constrain the growth of many private businesses in Tunisia. Small and medium-sized enterprises (SMEs) are the core of the economy, accounting for more than 80,000 companies and 40 per cent of the country’s GDP.
The EBRD funds will help Advans Tunisie increase its finance for small local enterprises, a segment that remains largely underserved.
Advans Tunisie will receive technical support to strengthen its institutional capacity in the areas of credit and operational risk management.
Since the start of its operations in Tunisia in 2012, the EBRD has invested €934 million across 46 projects and provided technical assistance to nearly 1,000 small and medium-sized enterprises, two-thirds of which are in the regions of the country.