Tunisia Encourages Foreign Investors to Take Part in Projects Worth $3.2 Billion

Tunisia has been going through a deep political and economic crisis since the 2011 revolution, exacerbated by recent socio-economic shocks caused by the COVID-19 pandemic and global turbulence in general. In this regard, the country is seeking global financial support, considering it the best way to end the crippling economic crisis.

Tunisia is in search of foreign investors to participate in projects worth $3.2 billion, the country's Minister of Economy and Planning Samir Saied said at the ongoing 18th Francophonie Summit.

Apart from that, on the sidelines of the summit, Tunisia and France signed an agreement worth 200 million euros that is intended to support the North African country’s budget and the implementation of the government’s reform programs.

“The agreement shows France’s willingness to continue its support for Tunisia in the concretion and implementation of its reform programs. This initiative will help the country to recover its financial balance, boost growth and energize a sustainable economy,” said Saied during the signing ceremony.

French Minister of Foreign Affairs Catherine Colonna, in her turn, highlighted that the reform program launched by Tunisia's government is extremely important in terms of the economic recovery of the country and "will help to overcome socio-economic difficulties."

Last week, the ambassador of the European Union to Tunisia, Marcus Cornaro, and Saied signed a program worth 100 million euros in support of Tunisia. The program aims to enhance efforts to restart the economy and strengthen the progress made in providing social support for people and businesses in need. The total EU funding for Tunisia in 2022 is set to reach 550 million euros, including both grants and loans.

Since the 2011 revolution, the Maghreb country has faced severe economic difficulties, with slow economic growth and high unemployment rates. Global political and economic instability, mostly caused by the COVID-19 pandemic and EU sanctions imposed in response to Russia's special military operation in Ukraine, have only aggravated the crisis. The country is highly dependent on grain and fuel imports, the prices of which are increasing.

In October, the International Monetary Fund reached a preliminary agreement with Tunisia which will see the African nation potentially receive a loan worth $1.9 billion. However, it stipulates that the country has to conduct a number of reforms.

Tunisia is thus implementing reforms to meet the requirements and thereby tackle the socio-economic impact of global turbulence, including lifting subsidies for basic products and the restructuring of public enterprises that have a monopoly in several sectors of the economy.

The 18th Summit of the International Organization of Francophonie is taking place in Djerba, Tunisia from November 19 to 20. Representatives of the world's French-speaking countries gathered for talks focused on economic cooperation, specifically debt relief, migration, as well as food and energy shortages. The organization comprises 88 member states and governments, as well as a network of private and public organizations that promote equal ties and cooperation among French-speaking countries.