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WB-Tunisia: 500-mln-dollar loan to support reforms

Published the:  16/04/2011

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April 16, 2011 - TAP - A new loan worth 500 million dollars has been granted by the World Bank (WB) to Tunisia. It will be devoted to reforms which focus on freedom of association, access to information and  transparency in public procurement.
This financial support could leverage, according to WB President Robert Zoellick, an additional 700 MD from other donors.
Tunisia needs 4 billion dollars (BD) in foreign loans to help it recover from a sharp drop in tourism and Foreign Direct Investment (FDI).
The amount granted by the WB is also destined to back up efforts committed by the country to bridge regional economic disparities, make administrative procedures easier and boost accounting devices.
It is also meant to boost control measures on the level of audit agency and create pilot employment program, said Mr. Zoellick at the opening of the spring meetings of the International Monetary Fund and the World Bank in Washington.
Besides, the International Finance Corporation (IFC), a World Bank institution specialized in assisting the private sector, announced on April 13, 2011 an initiative called "Education for Employment" aimed to help the Arab World region to solve the unemployment issue during the next five years.
This initiative, launched in association with the Islamic Development Bank (IDB) for which the WB is to mobilize an amount from 1.5 BD to 2 BD, will help youths acquire necessary skills to succeed in the employment market.