Tunis, Tunisia, November 9, 2016—IFC,
a member of the World Bank Group, and Amen Bank signed an agreement today
to help strengthen the bank’s positioning as a key player in the Tunisian
IFC’s advisory team will help Amen Bank
develop a comprehensive investor relations management framework aimed at
improving financial communications nationally and globally. It will also
help the bank better communicate on its strategy and pursue its development.
“IFC is a key partner in helping us
develop our business and allowing us to better serve the Tunisian people
and businesses,” says Ahmed El Karm, President of Amen Bank.
With over 162 branches across the country,
Amen Bank is one of
the largest private banks in Tunisia. Part of a leading financial conglomerate,
it also has ambitions to develop its business outside the country, especially
in Sub-Saharan countries.
“The financial sector is playing a key
role in the development of Tunisia’s economic activities,” said Joumana
Cobein, IFC Country Manager for the Maghreb region. “Improving banks’
visibility is critical to ensure they have access to the financing they
need to encourage growth and job creation.”
The project is part of a larger long-term
financial and technical assistance partnership between IFC and Amen Bank.
IFC has a 10 percent
equity stake in Amen Bank and has
already successfully helped the bank enhance its risk management framework.
Since 2011, IFC has invested $145 million
in Tunisia to support businesses in the agribusiness, health, SME private
funds and microfinance sectors to help create jobs and spur economic growth.
The work is part of broader IFC efforts in the Middle East and North Africa
to improve the business climate and restore investor confidence.
IFC, a member of the World Bank Group,
is the largest global development institution focused on the private sector
in emerging markets. Working with 2,000 businesses worldwide, we use our
six decades of experience to create opportunity where it’s needed most.
In FY16, our long-term investments in developing countries rose to nearly
$19 billion, leveraging our capital, expertise and influence to help the
private sector end extreme poverty and boost shared prosperity. For more
information, visit www.ifc.org
About Amen Bank