The World Bank approved on July 14 a $50 million loan to Tunisia as it launches its new finance facility that will support micro, small and medium enterprises in the Middle East and North Africa.
The loan to Tunisia is part of $500 million worth of funding that will be channeled to the MENA region in the next five years through the MSME facility. Other financiers of the facility are the International Finance Corporation, African Development Bank and other unnamed donors.
“This regional facility, a partnership with a number of development institutions, is a strong and timely response to a MENA-wide lack of access to finance and jobs and is a critical pillar of the World Bank’s Arab World Initiative,” said Shamshad Akhtar, vice president for the MENA region at the World Bank, as quoted in a press release.
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