Tunis, Tunisia, July 20, 2016—IFC,
a member of the World Bank Group, is providing a €25 million loan to the
Tunisian bank BTK (BPCE Group), part of an effort to support small and
medium enterprises (SMEs) and drive economic growth in Tunisia.
The financing is expected to help BTK
expand its loan portfolio and reach out to a greater number of smaller
businesses. Those firms historically have struggled to secure financing,
limiting their ability to grow and create jobs.
“This loan will help our entrepreneur
clients access the financing they need to expand their businesses,” said
Wajdi KOUBAA, the acting CEO of BTK. “That is crucial because SMEs are
the backbone of the Tunisian economy and vital for job creation.”
Nearly 30 percent of micro, small, and
medium enterprises in Tunisia do not have access to bank loans or lines
of credit. That has hampered growth in a country hungry for development
and job creation.
“The private sector has a vital role
to play in the development of the Tunisian economy,” said Antoine Courcelle-Labrousse,
IFC Country Representative in Tunisia. “By supporting financial institutions,
like BTK, IFC aims to expand the amount of capital available to smaller
businesses and unlock the potential of Tunisia's entrepreneurs.”
IFC committed $60 million in Tunisia
in fiscal year 2015, supporting businesses in the agribusiness, IT, private
funds and microfinance sectors and helping to 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
in the region.
BTK, in which the BPCE Group has been
a shareholder since 2008, is a commercial bank with 34 branches and 400
employees. It provides services to SMEs, professionals and households.
As shareholders, in addition to BPCE International (60%), it has the Tunisian
State (20%) and the Kuwait Investment Authority (20%). For more information,
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 FY15, our long-term investments in developing countries rose to nearly
$18 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