Brussels, 02/10/2013 (Agence Europe) - On 1 October, Tunisia became a country of operations for the EBRD (European Bank of Reconstruction and Development) whose mandate was extended in 2011 to include four Arab countries (Egypt, Tunisia, Jordan and Morocco) following the “revolutions” which hurt their economies. The Bank has just opened a representation in Tunis.
The Bank announced its ability to invest up to €2.5 billion per year in the region without having to seek additional funds from shareholders, and undertook to allow Tunisia and Jordan to join shareholders. Morocco and Egypt have been shareholding members since the Bank was set up. In Tunisia, the EBRD will focus on restructuring and strengthening the financial sector and the funding of private companies. It will also support energy efficiency and the development of the sustainable energy sector, and will facilitate the non-sovereign financing of infrastructure development. The bank notes that the macroeconomic situation is particularly uncertain. GDP has contracted by 1.5% and unemployment has soared, going above 18% in 2011 against a background of growing budget deficit and balance of payments deficit. Prospects for the economy are dependent on political transition and the external situation, the Bank says. Recent political developments have shaken confidence and the persistent weakness of the eurozone continues to hold back growth, it adds. (FB/transl.fl)