Tunisia: Spain Grants €3 Million Loan to CFE

Tunis/Tunisia — Spain granted the Financial Centre for Entrepreneurs (CFE) which is a Tunisian microfinance institution, a €3 million loan (the equivalent of 9.7 million dinars).

The loan is intended to boost the development ambitions of the CFE towards its entrepreneurs by supporting them through financial and non-financial services, to help them develop their potential and grow towards more organised structures, according to a press release published on Wednesday by the CFE.

The loan is managed by the Spanish Agency for International Development Cooperation (AECID) and in particular, the Spanish Development Finance Institution (COFIDES).

It is granted at a rate much lower than those of sovereign credits on the international financial markets under preferential cost, repayment terms and maturity conditions, according to the same source.

This loan will also help the CFE to consolidate its strategy to achieve financial inclusion of micro entrepreneurs, thereby helping them integrate into the formal economy and make the most of the advantages it offers.

Created in 2015, the CFE is a microfinance institution, which has supported nearly 11,500 micro-entrepreneurs and granted 130 million dinars in loans.

The centre's mission is to increase the accessibility of professional financial services to micro and small entrepreneurs in order to contribute to sustainable prosperity, the emergence of the private sector and the improvement of the Tunisians' living conditions.

With nine branches in Greater Tunis, Sousse, Sfax, Monastir and Nabeul, the CFE currently has 5,600 active clients for an outstanding amount of 57 million dinars, until June 30, 2020.

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