Tunisia: Attijari Bank receives €40 million loan to boost its support to SMEs in the renewable energy sector

Oct 11, 2018 | Ecofin Agency

Attijari Bank controlled by Andalu Carthage Holding, a fully owned subsidiary of Attijariwafa Bank, received a subordinated loan of €40 million from the International Finance Corporation (IFC).

This credit line repayable within 7 years will help the Tunisian institution boost its equity and its support to SMEs operating in the renewable energy and waste management sectors. Apart from financing these SMEs, the bank listed on Tunis stock exchange plans to coach them on ways to finance their projects.

In Tunisia, local banks are increasingly interested in financing projects in the green economy and sustainable development sectors. Last year, Union Internationale de Banques (IUB), received €15 million from the French Development Agency (AFD) to support entrepreneurs implementing projects that contribute to the reduction of greenhouse gas emission and improve energy efficiency.

For Kudret Akgun, IFC MENA Regional Manager, the green economy sector represents an investment opportunity for banks. “The Tunisian market of sustainable energy financing is in its early stage but, its potential is large. IFC will support institutions that finance projects respecting the environmental balance and preserve the planet”, Kudret Akgun commented.

 

Source: Ecofin Agency