Tunisia: New bank will support Tunisian exporters on African markets

May 15, 2015

The new institution should be operational in 2016.

An offshore bank focusing on African markets will soon be created in Tunisia, Tunisian businessman Fakher Fakhfakh has announced.

Named Africa Maghreb Bank, the new institution will be based in Tunis and own a capital of $312 million (€273 million), including $208 million from Chinese, French, Swiss and Russian investors, and the rest will be raised from Tunisian investors, reports Les Dépêches de Brazzaville.

It aims to "develop cooperation and partnerships with major banking groups operating in Africa, supporting Tunisian exporters and the country's industry across African markets," said Fakher Fakhfakh.

The bank should be operational in January 2016 and should count in 2020 28 branches including 17 in Tunisia and 11 other African countries, including Algeria, Libya, Ivory Coast, Cameroon, Togo, Sudan and Congo.

The complexity of the political situation in Tunisia has affected economic growth. In 2014, exports declined while imports soared, widening the trade deficit.ADNFCR-2976-ID-801787487-ADNFCR