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Tunisia could once more accede to AfDB's loans by end of 2014

May 25, 2014

KIGALI (TAP special envoy Samia Boukhatem) - "Tunisia could once more accede to the African Development Bank (AfDB)'s loans by the end of 2014," Adviser to AfDB Morocco-Tunisia-Togo Office Lotfi Trifa said to TAP news agency, on the occasion of the AfDB Group's 49th Annual Meeting organised, May 19-23 in Kigali, Rwanda.

According to him, the Bank is endeavouring to find solutions to facilitate Tunisia's access to its loans. "Actually, following the downgrading of Tunisia's rating, the problem of the country's indebtedness has been arisen. For this reason, the AfDB will be threatened in its AAA rating, if it grants new credits to Tunisia."

Facing this situation, he pointed out, the "AfDB revised its borrowing policy, by suspending its credits to Tunisia and to Egypt, as a monitoring measure to avoid the risk of downgrading its rating.

However, the Bank has been endeavouring to find solutions to borrow Tunisia, through notably, the exchange of portfolio exposure with other multilateral banks, such as the World Bank and the Inter-American Development Bank, to reduce Tunisia's debt concentration."

Concurrently, the AfDB is seeing to it that the Gulf countries grant their guarantee to Tunisia to help it accede to the Bank's loans, according to Trifa, "it is the first time with countries as Kuwait and the United Arab Emirates which have already agreed to the proposition in principle, but demand in exchange, that this operation will be based on the win-win principle, requiring that Tunisia offers advantages to their investors."

As regards the Bank's return to Abidjan, the official asserted that Tunisia will house a temporary relocation agency of this institution.

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Source: Agency Tunis Afrique Press

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