2024-02-16 10:23:22
For the year 2023, the EIB has confirmed the granting of new financing worth €92 million, accompanied by an increase of almost 50% in disbursements intended for projects aimed at sustainable, resilient economic growth and inclusive, thus benefiting all Tunisians.
As part of its ongoing commitment to the economic development of Tunisia, the European Investment Bank (EIB) held a meeting with the press yesterday at its headquarters to shed light on its initiatives and investments in the country. During this meeting, the EIB, through its development division, “EIB World”, announced a series of new financing as well as a significant increase in disbursements intended to support key projects promoting sustainable economic growth and inclusive.
87 billion euros in 2023
Internationally, the EIB has granted no less than €87 billion in loans and investments in 2023, reflecting historically high activity for the bank.
“For 2023, the total amount of EIB activities, both inside and outside the European Union, is approaching €90 billion, with around 10% of these funds allocated to projects outside the EU, representing 8.6 billion euros”, said Jean-Luc Revéreault, head of the EIB representation in Tunisia.
Regarding the distribution of the 8.6 billion euros outside the EU by region, sub-Saharan Africa was the most served region in 2023, followed by the southern neighbors and Turkey. Despite a slight decrease compared to previous years, these regions benefited from significant financing from the EIB.
For Tunisia, over the last ten years, the EIB has signed agreements totaling more than 2.1 billion euros. According to Jean-Luc Revéreault, although the pace of agreements has stabilized, Tunisia remains one of the main beneficiaries of EIB financing. Despite fluctuations linked to the economic situation, the trend in agreements has shown progression since 2019, with notable projects.
“For last year, the EIB confirmed the provision of new financing worth €92 million, accompanied by an increase of almost 50% in disbursements for projects aimed at sustainable economic growth, resilient and inclusive, thus benefiting all Tunisians”he further clarified.
In addition, the Bank of the European Union deploys technical expertise and sectoral support in areas such as water and sanitation, transport and electricity networks, thanks to support funds from the European Union.
“During the past year, the EIB signed three contracts for a total of €92 million, targeting the construction of schools, electricity interconnection with Europe and support for micro-entrepreneurs, in cooperation with the European Commission. Although the Covid-19 pandemic has had an impact on economic activity, the trend of agreements shows a positive progression, with an optimistic outlook for the year 2024. In conclusion, the EIB continues to play a crucial role in the economic development of Tunisia, while considering a promising future for future projects”assured Jean-Luc Revéreault.
Energy, education and financial inclusion
Indeed, the EIB marked the year 2023 in Tunisia with ambitious projects aimed at catalyzing development in various key sectors. Three contracts worth a total of €92 million were signed, covering education, energy and financial inclusion.
In the field of energy, the EIB has committed financing of 45 million euros for the “Elmed” project. This innovative project aims to establish a 600 MW underwater electrical interconnection between Tunisia and Italy, thus strengthening electricity exchanges and promoting the energy transition in the Euro-Mediterranean region. With an investment grant of €307 million from the EU, this project underlines the commitment to energy cooperation.
In the education sector, a financing agreement of 40 million euros was concluded for the construction of 80 modern primary schools, with the aim of combating school dropouts and promoting quality education. In partnership with the Ministry of Education, this project aims to improve learning conditions for 14,500 students, by integrating sustainable construction principles and the use of photovoltaic panels.
The EIB also reaffirmed its commitment to financial inclusion by providing a €12 million loan to “Enda Tamweel” to support micro-entrepreneurs, with a focus on the empowerment of women and youth. This financing demonstrates the importance given to financial inclusion as a lever for economic and social progress.
Furthermore, the year 2023 was marked by a significant increase in investments in projects essential for development, with a total of 172 million euros allocated, an increase of 47% compared to the previous year. This trend reflects the renewed commitment to Tunisia’s economic and social development.
On another level, the bank deployed technical assistance in the water, transport and energy sectors, thus strengthening infrastructure and promoting the adoption of sustainable technologies. These initiatives illustrate the continued commitment of the EIB and the EU to the sustainable development and prosperity of Tunisia.
Progress in disbursements…
In addition, Jean-Luc Revéreault assured that the progression of EIB disbursements in Tunisia in 2023 was significant, marking a notable development compared to the previous year. Thanks to the establishment of a team dedicated to monitoring projects, disbursements have increased substantially, from 117 million euros in 2022 to more than 172 million euros in 2023.
“The objective was to support the new Tunisia in its development, not only for the EIB, but also for all the donors who had signed numerous financing contracts. However, a significant stock of signed loans remained undisbursed, exceeding 5 billion euros for all donors, according to findings from 2021… Discussions had begun to set up a commission to monitor disbursements from 2020. Despite the efforts made, the stock of undisbursed loans still remains significant, although the pace of disbursements has increased.he added.
For the EIB, the amount of undisbursed loans is currently around one billion euros and new projects continue to be added to the stock. The emphasis is placed on the need to disburse older loans – some dating back to the 2000s – and to reallocate the funds to more advanced projects, such as the construction programs for wastewater treatment plants with Onas…
“The year 2023 was characterized by a 47% increase in the volume of disbursements, totaling 172 million euros, compared to 117 million euros in 2022. This upward trend reflects increased mobilization under the technical assistance from the Economic Resilience Initiative, thus facilitating rapid and efficient use of funds”he further clarified.
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