List News    News

Chahed calls for reviewing legal framework of financial market

Published the:  31/10/2019

| Share

(TAP) – Prime Minister Youssef Chahed called for the revision of the legal framework of the Tunisian financial market.

The reflection on the examination of this framework and the visions proposed by all stakeholders in the finance field will be finalised in 2020, he added at the official launching ceremony of the “Investia Enterprise” programme, held on Thursday at the headquarters of the Tunisian Confederation of Industry, Trade and Handicrafts (French: UTICA).

The non-bank financing support programme to SMEs "Investia Enterprise” is a pilot project aiming to provide 120 eligible enterprises with the necessary expertise that will prepare them and assist them in raising funds, or loans, directly from investors in the financial market or actors of the investment capital through initial public offering or bonds issuance, Chahed indicated.

The “Investia Enterprise” programme enjoys from a UK donation through the Multi-Donor Trust Fund for Countries in Transition (TFT) managed by the African Development Bank (AfDB).

For his part, Director General of the Tunis Stock Exchange Bilel Shanoun stressed that the three-year “Investia Enterprise” programme was designed by a committee gathering the main actors of the financial ecosystem (ministries, Central Bank of Tunis, etc.) so as to facilitate the access of SMEs to non-bank funding.

The enterprises that can benefit from this programme are those who generate turnover varied between 5 and 50 million Tunisian dinars (MTD) and with at least 300 employees, he added, noting that the finance and real estate development sectors are excluded from this project.

Enterprises seeking to profit from this programme can submit their applications online (www.investia-entreprise.com), he noted.

For his part, AfDB's Director General for the North African Region Mohamed El Azizi reiterated the AfDB’s commitment to support the development of the private sector in Tunisia, especially in favour of the SMEs.

“We are hence standing by the Tunisian government to help it address all constraints affecting the development and growth potential of the enterprises, notably with the recent upgrading of the country in the Doing Business 2020 ranking,” he pointed out.

El Azizi further considered that the achievement of the “Investia Enterprise” project, the result of several years of reflection, is today a reality thanks to the financial help of the UK co-operation for a clear and ambitious vision of the whole Tunisian financial centre.

This project is an innovative model, which once achieved, can be replicated in other African countries, El Azizi indicated.

The AfDB’s support is reflected in 2019 by the deployment of a set of new projects: 5 new operations, 3 of which effectively contribute to the improvement of the funding conditions of economic operators with the mobilisation of about €400 million, he added.

Taking the floor, UTICA President Samir Majoul affirmed that the “Investia Enterprise” project addresses the recurring problem of Tunisian enterprises, especially SMEs, a source of growth and main source of new jobs.

In his analysis, Majoul indicated that SMEs with promising development prospects and seeking to expand and prosper, but failed to find the support platform that helps them to undertake research and funding negotiations of their investment in the best conditions and outside the banking circuit, can now resort to this new mechanism.

In this respect, he highlighted the need to support the enterprise in all phases of its life cycle, namely the funding, the start and operating cycle so as to ensure its development.

UK Ambassador to Tunisia Louise De Sousa affirmed that Tunisia needs, today more than ever, a strong private sector capable of fully ensuring its role in the dynamic of the investment, job creation and economic revival.

“This will help Tunisia achieve its economic transition and have a new and more inclusive economic model,” she added.