ALBAWABA - In an attempt to assist the North African nation deal with an impending financial crisis, the European Union plans to lend Tunisia 450 million euros ($480 million) to aid its budget, as reported by Reuters, and intends to spend 4 billion euros over the next few years.
In order to promote small and medium-sized businesses and infrastructure initiatives in Tunisia, currently going through an economic downturn, the European Investment Bank presented on Tuesday grants and loans totaling 450 million euros, AFP reports.
According to a statement from the bank, the funding will be formalized at the Tunisia Investment Forum, which is scheduled to take place in Tunis on Wednesday and Thursday and expected to be attended by the new vice-president of the EIB responsible for financing in the Maghreb area, Ioannis Tsakiris.
"High-impact projects for the population and the country's economic and social development" are the focus of the new economic assistance provided by the European Investment Bank (EIB), with Tsakiris saying it "will play a crucial role in the creation of jobs, stimulating innovation and promoting balanced development to benefit all Tunisians"
Following a meeting with officials from the Tunisian government on Tuesday, EU enlargement commissioner Olivier Varhelyi stated that the loan, including 300 million euros allotted last year, will be transferred by April, adding “we are ready to invest 4 billion euros in several projects, including renewable energy, technology and others in the coming years.”
