30 June 2014

Tunisia: Loan Guarantee Agreement Between Tunisia and U.S. Passed

Tunis, — The National Constituent Assembly (NCA) passed during a plenary session held Monday a loan guarantee agreement signed on June 3, 2014, between Tunisia and the United States.

The agreement will allow Tunisia to access up to $500 million (about 825 million dinars MTD) in affordable financing from international capital markets.

Thus, Tunisia will benefit from preferential conditions and favorable rates lower than those on the international markets, after downgrading its sovereign rate.

In fact, the interest rate of issue in U.S. dollars over 7 years varies between 5.5 and 6%. The Central Bank of Tunisia (BCT) will be tasked with the issue operation on the American Financial market.

Secretary of State for Development and International Co-operation Noureddine Zekri said an American Bank and another French bank will start this operation during the second half of July, 2014.

Zekri underlined that the debt ratio will remain lower than 50% (49.1%) from now to late 2014 and could decrease as of 2017.

He pointed out that the tax reform is at an advanced stage and could be completed by late 2014, in addition to the implementation, during the same period, of recommendations related to tax evasion.

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