Brussels, 13/0/2011 (Agence Europe) - Philippe de Fontaine Vive, Vice-President of the European Investment Bank, and Abdelhamid Triki, the Tunisian minister for planning and international cooperation, signed an agreement on Tuesday 12 July in Brussels. This will grant €140 million to a large-scale industrial projects in the chemical fertiliser sector. Tunisia is the fourth biggest producer of phosphates in the world and is focusing on increasing its production of “triple superphosphates” (TPS) fertiliser. The Chinese markets is one of its biggest customers. The loan agreed to by the EIB will be for 15 years, with a three-year grace period. The fixed rate loan is set at 3.5% and is made in excellent conditions, de Fontaine Vive underlined. It will be used to support the development of the “Tunisian Chemical Group”, particularly the M'dhilla site in one of the poorest regions from where the 14 January revolution sprang. Funding from the EIB will cover half of the project's costs, which will create a significant number of jobs during the construction phase, followed by 400 jobs, which will be created as a direct result of the project and on a sustainable basis during its operational phase, notes the EIB.
Philippe de Fontaine Vive was keen to underline the dynamism and efforts agreed to by Tunisia at the project signing ceremony. This is the second agreement signed with Tunisia after the decision of the G8 at Deauville. Two other large-scale projects in the infrastructure domain (the North-South motorway connecting poor areas near the border with Algeria and a suburban motorway around “greater Tunis”) are being examined. If the decision to fund them is taken by the EIB, Tunisia will have received €600 million in 2011 from the resources promised as part of the “Deauville partnership”. Triki informed the press about the Tunisian development plans based on infrastructure and job creation, by way of improved corporate governance and increased efficiency in the state economic apparatus. Tunisian debt to the EIB is around €1 billion (€4.95 million since 1979). The Tunisian minister explained that they had not asked for their debt to be rescheduled. The vice president of the EIB said that Tunisia is a good customer because it puts forward credible projects, uses its funding wisely and pays back its debts in time. He also said that the better managed Mediterranean countries obtained better market conditions for their loans. The Tunisians, however, would like a greater effort made by their European partner in terms of venture capital. Nevertheless, the EIB has not received the go-ahead from member states for this. (F.B./transl;fl)