Tunis, Tunisia, February 23, 2023—To boost sustainable business growth and private sector investment in Tunisia, IFC today launched a new program promoting environmental, social, and governance (ESG) best practices in the country's financial, manufacturing and agribusiness sectors.
In partnership with the Swiss State Secretariat for Economic Affairs (SECO), IFC's Integrated ESG Program will work with financial institutions, real sector companies, and industry associations in Tunisia to advance adoption of ESG best practices and strengthen their performance.
The program—IFC's first focused on ESG in Tunisia—will also support banking and financial market regulators, including the Central Bank of Tunisia (CBT) and the Tunis Stock Exchange (BVMT), to improve their capacity to integrate, monitor and enforce ESG standards. Currently, there are limited ESG requirements in the banking sector, while ESG reporting is voluntary on the Stock Exchange.
"Good ESG practices help businesses and communities better manage risk and protect the environment. They also help companies boost their reputation, reduce costs, and strengthen stakeholder relations," said Georges Joseph Ghorra, IFC's Resident Representative in Tunisia. "This is crucial to supporting the development of stronger, more sustainable Tunisian businesses, and creating more jobs and opportunities in the country."
"We can look back on two decades of successful collaboration between SECO and IFC in strengthening corporate governance and sustainable finance in developing countries worldwide," stated Josef Renggli, the Swiss Ambassador to Tunisia. "This new program aims to improve ESG practices in Tunisia and other countries of the MENA region and facilitate therefore much needed investments aligned with the Sustainable Development Goals (SDGs)."
IFC is a global leader in setting ESG standards for the private sector, including through its Performance Standards and other guidance materials and tools. IFC is also a Global Corporate Governance leader with a proven track record and a globally developed corporate governance methodology for assessment.
Over the past five years, IFC has invested and mobilized more than $140 million to support Tunisia's agribusiness, manufacturing, and financial sectors. IFC's priorities in the country focus on key sectors, such as renewable energy, agriculture, and manufacturing value chains.
About IFC
IFC—a member of the World Bank Group—is the largest global development institution focused on the private sector in emerging markets. We work in more than 100 countries, using our capital, expertise, and influence to create markets and opportunities in developing countries. In fiscal year 2022, IFC committed a record $32.8 billion to private companies and financial institutions in developing countries, leveraging the power of the private sector to end extreme poverty and boost shared prosperity as economies grapple with the impacts of global compounding crises. For more information, visit www.ifc.org.
About SECO
The State Secretariat for Economic Affairs (SECO) implements Switzerland's economic and trade policy measures for the benefit of developing countries. It coordinates its activities with the Swiss Agency for Development and Cooperation (SDC) and the Peace and Human Rights Division (PHRD) of the Federal Department of Foreign Affairs. The three administrative offices implement Switzerland's international cooperation together. For more information, visit www.seco-cooperation.ch
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