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Tunis, Tunisia, July 20, 2016
—IFC, a member of the World Bank Group, is providing a €25 million loan to the Tunisian bank BTK (BPCE Group), part of an effort to support small and medium enterprises (SMEs) and drive economic growth in Tunisia.
The financing is expected to help BTK expand its loan portfolio and reach out to a greater number of smaller businesses. Those firms historically have struggled to secure financing, limiting their ability to grow and create jobs.
“This loan will help our entrepreneur clients access the financing they need to expand their businesses,” said Wajdi KOUBAA, the acting CEO of BTK. “That is crucial because SMEs are the backbone of the Tunisian economy and vital for job creation.”
Nearly 30 percent of micro, small, and medium enterprises in Tunisia do not have access to bank loans or lines of credit. That has hampered growth in a country hungry for development and job creation.
“The private sector has a vital role to play in the development of the Tunisian economy,” said Antoine Courcelle-Labrousse, IFC Country Representative in Tunisia. “By supporting financial institutions, like BTK, IFC aims to expand the amount of capital available to smaller businesses and unlock the potential of Tunisia's entrepreneurs.”
IFC committed $60 million in Tunisia in fiscal year 2015, supporting businesses in the agribusiness, IT, private funds and microfinance sectors and helping to create jobs and spur economic growth. The work is part of broader IFC efforts in the Middle East and North Africa to improve the business climate and restore investor confidence in the region.
About BTK
BTK, in which the BPCE Group has been a shareholder since 2008, is a commercial bank with 34 branches and 400 employees. It provides services to SMEs, professionals and households. As shareholders, in addition to BPCE International (60%), it has the Tunisian State (20%) and the Kuwait Investment Authority (20%). For more information, visit
www.btknet.com
About IFC
IFC, a member of the World Bank Group, is the largest global development institution focused on the private sector in emerging markets. Working with 2,000 businesses worldwide, we use our six decades of experience to create opportunity where it’s needed most. In FY15, our long-term investments in developing countries rose to nearly $18 billion, leveraging our capital, expertise and influence to help the private sector end extreme poverty and boost shared prosperity. For more information, visit
www.ifc.org
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