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AfDB Approves 92.3 Million Euros to Improve Living Conditions in Tunisia

Tunisian President Kais Saied meets with Italian Prime Minister Giorgia Meloni in Tunisia on April 17, 2024 (EPA)
Tunisian President Kais Saied meets with Italian Prime Minister Giorgia Meloni in Tunisia on April 17, 2024 (EPA)
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AfDB Approves 92.3 Million Euros to Improve Living Conditions in Tunisia

Tunisian President Kais Saied meets with Italian Prime Minister Giorgia Meloni in Tunisia on April 17, 2024 (EPA)
Tunisian President Kais Saied meets with Italian Prime Minister Giorgia Meloni in Tunisia on April 17, 2024 (EPA)

The African Development Bank (AfDB) said on Tuesday it approved a financing package of 92.3 million euros to support business competitiveness and empower the Tunisian population through job creation, according to the German news agency, dpa.

The financing consists of a 90-million-euro loan from the Bank Group, and a grant of 2.3 million Euro under the Affirmative Finance Action for Women in African (AFAWA) initiative.

It aims to provide young people and women looking for work with the skills they need to access salaried jobs, to improve living conditions and promote economic inclusion through entrepreneurship and skills development.

The Tunisian government forecasts that the program could enable the creation of more than 118,000 formal jobs.

Tunisia struggles with economic difficulties that have led to a decline in public sector employment, due to a fiscal crisis, in addition to widespread unemployment among young people and university graduates.

The unemployment rate in Tunisia stands at 16.1% according to the latest data. The unemployment rate for youth in the 15-24 age bracket rose to 39.2% while the unemployment rate among people with a higher education degree reached 23.4%.

Last June, the European Union, the EIB, AFD Group and KfW announced a major joint investment of 270.9 million euros to support Tunisia's entrepreneurial ecosystem.

Also, two credit lines worth 170 million euros and 80 million euros, and 10.5 million euros for the Dhamen Express guarantee facility, were deployed to increase access to finance for MSMEs in Tunisia.

At least 30% of the funds from the EIB and 35% of those from AFD went to projects promoting social inclusion, targeting women, youth employment and less-favored areas, as well as the green economy and climate resilience.

This initiative underscored the commitment of the EU, the European Investment Bank (EIB), Agence Française de Développement (AFD) and Kreditanstalt für Wiederaufbau (KfW) to support projects that have a high social impact and promote the economic recovery of Tunisia’s micro, small and medium-sized enterprises (MSMEs), taking a Team Europe approach.

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Arab World

Fears of Iranian Retaliation Weigh on Exhausted Syrians

A Druze Sheikh near a Syrian army position in Quneitra, Golan Heights, on July 30 (AP)
A Druze Sheikh near a Syrian army position in Quneitra, Golan Heights, on July 30 (AP)
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Fears of Iranian Retaliation Weigh on Exhausted Syrians

A Druze Sheikh near a Syrian army position in Quneitra, Golan Heights, on July 30 (AP)
A Druze Sheikh near a Syrian army position in Quneitra, Golan Heights, on July 30 (AP)

Damascus remains unclear about its official stance on a possible Iranian retaliation against Israel following the assassination of Hamas leader Ismail Haniyeh in Tehran.
State media has avoided discussing the potential fallout, even though there is speculation that Iran might use Syrian airspace and territory for any response.
Syrian analysts told Asharq Al-Awsat that Tehran seems to be overstating its plans for retaliation, especially compared to its actions in April when it launched drones and missiles after senior military leaders were killed in a strike on its consulate in Damascus.
They suggest that Iran is looking to strengthen its negotiating position with Washington and the international community and is unlikely to risk a major conflict that could result in significant losses, particularly to its nuclear program.
The analysts also noted that Iran might rely on its regional allies in Syria, Lebanon, and Yemen for its response.
Damascus, worn out from years of conflict, understands this but feels unable to either distance itself publicly or fully commit to any actions, except reluctantly.
There are concerns that Iran could use southern Syria as a base for retaliation, which might disrupt ceasefire agreements and reignite conflict with Israel. Analysts also warn that any decision Damascus makes could have serious consequences.
Fears of an imminent Iranian response are causing Syrian markets to freeze, with many people anxiously waiting for news.
Journalists in Damascus are working late, expecting any moment to see the start of a potential conflict that could push Syria back to conditions from a decade ago.
In border areas near Iraq and Lebanon, people are scared of being affected by an Iranian strike on Israel.
In western Homs, where the Iran-aligned Hezbollah group is active, locals say that “Iranians and Hezbollah are secretly moving into civilian areas, only becoming known when Israel targets them.”