Africa bank approves $102m funding for Tunisia

A view from the Assembly of the Representatives by the People (Tunisian Parliament) during a session in Tunis, Tunisia on November 02, 2023 [Yassine Gaidi/Anadolu via Getty Images]

The African Development Bank (AfDB) yesterday announced that it had approved €92.3 million ($101.6 million) in funding for Tunisia to support business competitiveness and job creation, according to German Press Agency DPA.

“The financing consists of a €90 million loan from the Bank Group, and a grant of €2.3 million from the Women Entrepreneurs Finance Initiative (We-Fi) Trust Fund, under the Affirmative Finance Action for Women in Africa (AFAWA) initiative,” the AfDB said in a statement.

The initiative is intended to enhance employment opportunities for young people, improve living conditions and strengthen the economy.

According to the bank, the Tunisian government expects this funding to help create over 118,000 jobs.

Tunisia is currently facing economic challenges, which have reduced public sector job opportunities due to a public finance crisis and rising unemployment, particularly among young people and university graduates.

The latest data indicates that overall unemployment stands at 16.1 per cent, with the rate rising to 39.2 per cent among those aged 15 to 24. Additionally, 23.4 per cent of university graduates are unemployed.

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