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.



EU’s Kallas Says She Hopes for Political Agreement on Easing Syria Sanctions

In this photograph taken on January 12, 2025, a vendor waits for customers at her mobile shop in the Damascus Tower market, which specializes in the smart phone business, in the Syrian capital. (AFP)
In this photograph taken on January 12, 2025, a vendor waits for customers at her mobile shop in the Damascus Tower market, which specializes in the smart phone business, in the Syrian capital. (AFP)
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EU’s Kallas Says She Hopes for Political Agreement on Easing Syria Sanctions

In this photograph taken on January 12, 2025, a vendor waits for customers at her mobile shop in the Damascus Tower market, which specializes in the smart phone business, in the Syrian capital. (AFP)
In this photograph taken on January 12, 2025, a vendor waits for customers at her mobile shop in the Damascus Tower market, which specializes in the smart phone business, in the Syrian capital. (AFP)

European Union foreign policy chief Kaja Kallas said on Wednesday she hopes a political agreement on easing Syria sanctions can be reached at a gathering of European ministers next week.

EU foreign ministers will discuss the situation in Syria during a meeting in Brussels on Jan. 27.

European officials began rethinking their approach towards Syria after Bashar al-Assad was ousted as president by opposition forces led by the Hayat Tahrir al-Sham (HTS) group, which the United Nations designates as a terrorist group.

Some European capitals want to move quickly to suspend economic sanctions in a signal of support for the transition in Damascus. Others have sought to ensure that even if some sanctions are eased, Brussels retains leverage in its relationship with the new Syrian authorities.

“We are ready to do step-for-step approach and also to discuss what is the fallback position,” Kallas told Reuters in an interview.

“If we see that the developments are going in the wrong direction, then we are also willing to put them back,” she added.

Six EU member states called this month for the bloc to temporarily suspend sanctions on Syria in areas such as transport, energy and banking.

Current EU sanctions include a ban on Syrian oil imports and a freeze on any Syrian central bank assets in Europe.