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Tunisia Says World Bank to Lend it $400 Mln

People walk in the center of Tunis, Tunisia, April 29, 2021. REUTERS/Zoubeir Souissi
People walk in the center of Tunis, Tunisia, April 29, 2021. REUTERS/Zoubeir Souissi
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Tunisia Says World Bank to Lend it $400 Mln

People walk in the center of Tunis, Tunisia, April 29, 2021. REUTERS/Zoubeir Souissi
People walk in the center of Tunis, Tunisia, April 29, 2021. REUTERS/Zoubeir Souissi

The World Bank will lend Tunisia about $400 million to finance social reforms, the Tunisian government said on Tuesday, as it started talks with the International Monetary Fund on economic reforms.

The country, which is suffering from a financial crisis, is seeking to obtain a rescue package from the IMF in exchange for economic reforms, including spending cuts.

After a meeting with Prime Minister Najla Bouden, World Bank Vice President Ferid Belhaj said on Tuesday the bank was ready to provide the necessary funds for Tunisia to implement economic reforms.

The IMF and foreign donors have said the outlined economic reforms, including to energy subsidies, would need broad support, including from the powerful UGTT union for a deal to be secured.

According to Reuters, Finance Minister Sihem Boughdiri said earlier this month that Tunisia hoped to seal an agreement with the IMF in April.

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Vale Partners with China’s Jinnan Steel to Build Iron Ore Processing Plant in Oman

The logo of the Brucutu mine owned by Brazilian mining company Vale SA is seen in Sao Goncalo do Rio Abaixo, Brazil February 4, 2019. (Reuters)
The logo of the Brucutu mine owned by Brazilian mining company Vale SA is seen in Sao Goncalo do Rio Abaixo, Brazil February 4, 2019. (Reuters)
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Vale Partners with China’s Jinnan Steel to Build Iron Ore Processing Plant in Oman

The logo of the Brucutu mine owned by Brazilian mining company Vale SA is seen in Sao Goncalo do Rio Abaixo, Brazil February 4, 2019. (Reuters)
The logo of the Brucutu mine owned by Brazilian mining company Vale SA is seen in Sao Goncalo do Rio Abaixo, Brazil February 4, 2019. (Reuters)

Brazilian miner Vale, one of the world's largest iron ore producers, said on Monday it had partnered with China's Jinnan Steel Group to build an iron ore beneficiation plant in Oman to produce high quality pellet.

With the front-end investment exceeding $600 million, the plant, which will be located in Oman's Sohar port and free trade zone, will provide higher quality iron ore for producing pellet and hot briquetted iron (HBI) locally, reducing environmental impact, Vale said in a statement on its WeChat account.

The Sohar plant is scheduled to start commissioning in mid-2027, processing 18 million metric tons of iron ore annually to produce 12.6 million tons of high grade concentrate, it said.

"We are strengthening our capability to meet rising global demand for high grade iron ore and further expand our exposure in the Middle East region," said Gustavo Pimenta, chief executive officer (CEO) at Vale.

Vale will invest $227 million for the connection of the beneficiation plant and the pellet and HBI production facility while Jinnan Steel, a private steelmaker headquartered in north China's Shanxi province, will invest about $400 million for the building and the operation of the plant.

Vale did not disclose the equity share held by each party.