The World Bank has reported that it has granted two loans to Tunisia worth a total of $175 million. The bank issued a statement on June 14th to confirm the loans. The money is going to be used in two projects aiming towards digital transformation and economy of the country.
The first project investment, worth $75 million, is going to be used for improving access to financing for small and medium enterprises and startups. The Tunisian government has taken an initiative called “Startup Tunisia” to foster the growth and creation of startups in the digital sector, and the funding perfectly aligns with this program. The ultimate target is to boost economic growth with more employment opportunities for the country’s youth.
“The project will finance equity and quasi-equity investments in innovative startups and SMEs, as well as support for concept development, investment readiness and technology adoption,” said the World Bank.
The second project, worth $100 million, will be applied to transform user centered services digitally. The public administration technology, GovTech will receive support from the loan to improve social protection and education systems. With this project, the government aims to provide more access to important services for vulnerable communities like women, disabled, illiterates and low-income groups.
With the new improvements in welfare services, the projects will be able to broaden pension and health insurance coverage and digital education management services.