AfDB And Tunisia Formally Sign U.S.$ 500m Budget Support Accord At Annual Meetings

10 June 2011
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African Development Bank (Abidjan)
press release

President Kaberuka announces another U.S.$ 500 million "in the pipeline"

The African Development Bank Group (AfDB) and the Government of Tunisia formally signed the agreement for U.S.$ 500 million in budget support, passed by the AfDB Board of Directors the previous month, on 10 June 2011.

The President of the AfDB, Donald Kaberuka, said there was an additional U.S.$ 500 million "in the pipeline", which he hoped would be in place by the end of the year.

Mr Kaberuka also called for additional and speedy assistance from the international community, saying it should "act first and not wait for the right conditions"

Tunisia's economy was in good shape for the future, he said, but the country needed assistance as it had lost 40 percent in tourism revenue and 60 percent in foreign direct investment since the political events in January 2011.

He added that he was happy to conclude this agreement, saying the AfDB was "the first international institution to come to the table with money, not promises". He added that this was appropriate as the African Development Bank is Africa's premier financing institution.

Mr Abdelhamid Triki, Tunisia's Secretary of State to the Minister of Planning and International Cooperation, said the funds would be used across four sectors in Tunisia" employment; social services, the financial sector, and on governance, which he said was essential to create conditions for the private sector to grow.

Read the original article on African Development Bank (AfDB).

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