Tunis, Tunisia, May 30, 2017—IFC, a
member of the World Bank Group, is helping the Centre Financier des Entrepreneurs
Tunisie (CFE Tunisie), a microfinance institution, improve access to finance
for very small enterprises (VSEs), part of an effort to boost economic
growth and job creation in Tunisia.
IFC will advise CFE Tunisie on how to scale up its lending and develop
products tailored to local small businesses. IFC will also help CFE Tunisie
better manage risks, allowing it to extend crucial financing to entrepreneurs,
something that is considered key in the fight against poverty. The lender,
part of an international network of 12 microfinance institutions, is new
to Tunisia. The institution held a kick-off ceremony last week, which featured
representatives from IFC and the Japanese embassy along with several clients.
“IFC is a key partner in helping us to develop our business and improve
access to finance for VSEs,” said Sylvain Bourgelas, CEO of CFE Tunisie.
“This is absolutely critical to expanding CFE's reach in Tunisia and encouraging
In Tunisia, about 2.5 million people live at or near the poverty line and
unemployment rates are persistently high. Yet the microfinance sector still
only serves 370,000 individuals. With commercial banks not reaching down
to serve this part of the population, the missing middle segment of small
and very small enterprises offers considerable potential for microfinance
“With this project, IFC is strengthening its support to the microfinance
sector, promoting the development of entrepreneurship and inclusive growth
in Tunisia,” said Georges Ghorra, IFC Acting Country Manager in Tunisia.
This partnership is in line with the broader strategy of IFC in Tunisia,
which aims to improve access to financial services for micro, small, and
medium enterprises. This project was made possible through the support
of the Ministry of Finance of Japan.
IFC, a member of the World Bank Group, is the largest global development
institution focused on the private sector in emerging markets. Working
with more than 2,000 businesses worldwide, we use our capital, expertise,
and influence to create markets and opportunities in the toughest areas
of the world. In FY16, we delivered a record $19 billion in long-term financing
for developing countries, leveraging the power of the private sector to
help end poverty and boost shared prosperity. For more information, visit