|Approval Date||29 May 2019|
|Signature Date||12 Dec 2019|
|Sovereign / Non-Sovereign||Non Sovereign|
|DAC Sector Code||24030|
The project involves funding from the Bank’s balance sheet of EURO 50 million, composed of two lines of credit, to Amen Bank of Tunisia for onward lending to small and medium-sized enterprises (SMEs) and corporates in key sectors of the country’s economy. Amen Bank is a Tunisian commercial bank listed on the Tunis stock exchange with total assets of TND 8.813 billion and shareholders’ equity of TND 905.28 million at the end of 2018. The proposed funding, composed of a long-term line of credit and a trade finance facility, will enable Amen Bank to gain access to much-needed financial resources to grow its loan and trade finance portfolios thereby contributing to Tunisia’s development. The long-term LOC will enable Amen Bank to provide long-term investment funding to its clients with projects and investment opportunities in the agriculture/agribusiness, industry and health sectors. Consequently, with the Bank’s TFLOC, Amen Bank will have a facility that is more suitable for funding trade operations and with which it can meet some of its clients’ growing demand for trade finance. The TFLOC, on the other hand, will allow Amen Bank to develop its trade finance business with its resources to be used by its clients operating in the already mentioned sectors to finance imports and exports accordance with the Bank’s guidelines. It will boost productive capacity and, consequently, Tunisia’s export potential.
The project will provide Amen Bank with access to the stable resources it needs to meet the medium and long-term financing demands of its clients. It will help strengthen Amen Bank's role as a player recognized for its contribution to Tunisia's development and its support for SMEs and other companies, enabling them to grow and create employment opportunities by providing them with sufficient financing on competitive terms.
The main beneficiaries are Amen Bank, small and medium-sized enterprises (SMEs) and companies operating in the agriculture/agro-industry, industry and health sectors in Tunisia.
African Development Bank
|Last Update||07 Aug 2020|