عربي English Türkçe اردو فارسى
Logo
Latest News
Arab World

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)
TT
TT

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.

Most Viewed

 
 
Arab World

Survivors, Bodies Recovered from Capsized Red Sea Tourist Boat

25 November 2024, Egypt: Red Sea Governor Amr Hanafi (R) checks on tourists rescued from capsized tourist boat called "Sea Story" that sank off Egypt's Red Sea coast. (Red Sea Governorate/dpa)
25 November 2024, Egypt: Red Sea Governor Amr Hanafi (R) checks on tourists rescued from capsized tourist boat called "Sea Story" that sank off Egypt's Red Sea coast. (Red Sea Governorate/dpa)
TT
TT

Survivors, Bodies Recovered from Capsized Red Sea Tourist Boat

25 November 2024, Egypt: Red Sea Governor Amr Hanafi (R) checks on tourists rescued from capsized tourist boat called "Sea Story" that sank off Egypt's Red Sea coast. (Red Sea Governorate/dpa)
25 November 2024, Egypt: Red Sea Governor Amr Hanafi (R) checks on tourists rescued from capsized tourist boat called "Sea Story" that sank off Egypt's Red Sea coast. (Red Sea Governorate/dpa)

Rescuers on Tuesday recovered five survivors and four bodies from a dive boat that capsized off Egypt's eastern coast a day earlier, Red Sea governor Amr Hanafi said.  

A military-led team rescued two Belgians, one Swiss national, one Finnish tourist and one Egyptian, the governor said, bringing the total number of survivors from the accident to 33.  

The "Sea Story" had been carrying 31 tourists of multiple nationalities and a 13-member crew when it was hit by a large wave near Marsa Alam in southeastern Egypt early on Monday, causing it to capsize.

The four bodies recovered on Tuesday have not yet been identified, and eight people are still missing after 28 were rescued on Monday.

A government source close to rescue operations said the five survivors were found on Tuesday morning inside the boat, which the governor said had been thrown on its side by an early morning wave but had not completely sunk.  

The group had spent at least 24 hours in the overturned vessel after authorities first received distress calls at 5:30 AM (0330 GMT) on Monday.  

"Rescue operations are ongoing today, supported by a military helicopter and a frigate in addition to multiple divers," the Red Sea governor told AFP Tuesday, declining to provide any further details about the operation.  

The four bodies recovered on Tuesday were also located inside the stricken vessel.  

The boat had embarked on a multi-day diving trip on Sunday and had been due to dock on Friday at the town of Hurghada, 200 kilometers (124 miles) north.  

The governor on Monday said it capsized "suddenly and quickly within 5-7 minutes" of the impact with the wave, leaving some passengers -- among them European, Chinese and American tourists -- unable to set out of their cabins in time.  

- Still missing -  

Rescuers from the military and a passing tourist boat pulled 28 people from the water on Monday.  

According to a source at a hospital in Marsa Alam, six tourists and three Egyptians were admitted with minor injuries and discharged on Monday.   

According to the governor's office, the boat was carrying tourists from Belgium, Britain, China, Finland, Germany, Ireland, Poland, Slovakia, Spain, Switzerland and the United States.  

Among the missing are two Polish tourists and one from Finland, according to both countries' foreign ministries.  

Authorities in Egypt have said the vessel was fully licensed and had passed all inspection checks. A preliminary investigation showed no technical fault.  

There were at least two similar boat accidents in the Marsa Alam area earlier this year, but no fatalities.  

The Red Sea coast is a major tourist destination in Egypt, a country of 107 million that is in the grip of a serious economic crisis.  

Nationally, the tourism sector employs two million people and generates more than 10 percent of its GDP.  

Dozens of dive boats crisscross between Red Sea coral reefs and islands off Egypt's eastern coast every day, where safety regulations are robust but unevenly enforced.