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Tunisia Witnesses 31% Drop in Foreign Investments

Foreign investment in the Tunisian industrial sector decreased by 27.3 percent at the end of March (Reuters)
Foreign investment in the Tunisian industrial sector decreased by 27.3 percent at the end of March (Reuters)
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Tunisia Witnesses 31% Drop in Foreign Investments

Foreign investment in the Tunisian industrial sector decreased by 27.3 percent at the end of March (Reuters)
Foreign investment in the Tunisian industrial sector decreased by 27.3 percent at the end of March (Reuters)

The Foreign Investment Promotion Agency (FIPA-Tunisia) has revealed a 31 percent drop in foreign investments during the first quarter of 2021 compared to the same period last year.

FIPA said the coronavirus pandemic played a negative role in attracting foreign investments in most sectors.

It said investments declined from TND2.5 billion ($919 million) in 2019 to TND1.8 billion ($662 million) last year.

They reached TND344.6 million ($127 million) during March compared to TND503.6 million ($185 million) during the same period in 2020.

Official figures revealed that investment increased by 17.5 percent in 2021, exceeding TND17 billion ($6.25 billion), which is 14 percent of the GDP.

Meanwhile, announced investments in the Tunisian industrial sector declined by 27.3 percent by the end of March.

Industry and Innovation Promotion Agency (Agence de promotion de l'industrie et de l'innovation) reported that investment remarkably dropped in industries of construction materials, leathers, shoes, and mechanical and electrical industries.

In a related context, Standard & Poor’s (S&P) Global warned on Tuesday that a sovereign debt default in Tunisia could cost the country’s banks up to $7.9 billion, accounting for 102 percent of total equity.

Tunisia’s economy has already been hit by the pandemic, with GDP contracting by 8.8 percent last year, according to the International Monetary Fund (IMF).

Mohamed Damak, an analyst at S&P, said that sovereign debt default will cost banks 102 percent of Its equity.

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SAMA: Saudi Arabia Unites Regional Efforts to Combat Money Laundering

A group photo during the MENAFATF conference in Riyadh (X)
A group photo during the MENAFATF conference in Riyadh (X)
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SAMA: Saudi Arabia Unites Regional Efforts to Combat Money Laundering

A group photo during the MENAFATF conference in Riyadh (X)
A group photo during the MENAFATF conference in Riyadh (X)

Governor of the Saudi Central Bank Ayman Al-Sayari reaffirmed the Kingdom’s commitment to unifying regional efforts to combat money laundering, terrorist financing, and the proliferation of weapons, as well as addressing challenges faced by all nations in these areas.

Al-Sayari was speaking on Tuesday during the opening of the conference “Latest Developments in Combating Money Laundering, Terrorist Financing, and Weapons Proliferation,” held on the sidelines of the 39th General Meeting of the Middle East and North Africa Financial Action Task Force (MENAFATF).

He highlighted the 20th anniversary of MENAFATF’s establishment, praising its role in raising awareness and deepening understanding of international requirements across the region, which he said has helped relevant agencies in member states strengthen their compliance with global standards.

Al-Sayari commended the efforts of Saudi authorities, particularly through specialized permanent committees, to enhance the effectiveness of anti-money laundering measures and improve the Kingdom’s adherence to international obligations.

He emphasized that as money laundering, terrorist financing, and weapons proliferation crimes continue to evolve rapidly, with increasingly complex methods, countries are striving to update their legislative and regulatory frameworks to keep pace with these changes.

Al-Sayari also underscored Saudi Arabia’s support for the goals of the Financial Action Task Force (FATF) under Mexico’s presidency, aimed at combating financial flows that fuel money laundering and terrorism. These efforts, he stressed, contribute to the integrity, stability, and sustainable growth of the global economy.

Saudi Arabia actively participates in FATF discussions to ensure that cross-border transactions are more efficient, transparent, and inclusive, while maintaining compliance with due diligence requirements and other necessary safeguards.

Separately, Al-Sayari held discussions with FATF President Elisa de Anda Madrazo on key updates and mutual areas of interest in combating money laundering, terrorist financing, and weapons proliferation.