African Development Bank awards Tunisia’s Amen Bank $18 million in credit
Tunisia’s Amen Bank, the nation’s first private financial institution and the African Development Bank (ADB) signed an agreement last month for a €20 million ($18 million) line of credit. The credit will help strengthen the structural equilibrium of Amen Bank by improving its portfolio quality. It will also enable the bank to grant loans for the financing of economically viable and environmentally sound projects mainly in tourism and industry sectors.
The proceeds of the line of credit will serve to purchase capital goods, and supplies necessary for the realization of investments for the creation, modernization, extension and renovation of firms showing a high growth potential. They will also be used to re-organize certain firms with sound working conditions, commercial positioning and organizational structure.
ADB was established in 1968 and has commitments in Tunisia worth $3.66 billion, invested into 70 operations with disbursements of $2.4 billion. The new line of credit is the Bank's first venture into Tunisia’s private sector. — (menareport.com)
© 2002 Mena Report (www.menareport.com)