Jeddah : The Islamic Development Bank (IDB) Group announced the allocation of $1.5 billion to finance development projects in Tunisia within the framework of the new strategy for the next three years.

IDB Regional Manager of Arab Countries Programs Ahmed Saleh al-Hariri said in a speech during a workshop on the preparation of the strategic partnership document of the Islamic Development Bank with Tunisia, that the funding will be in the form of soft loans and grants by not more than five percent of the total amount.

Hariri that the IDB’s new strategy will be based on supporting social integration and inclusive development, contributing to the development of infrastructure, supporting the private sector and attracting investors from member countries and others to Tunisia. He noted that the bank will support the export of Tunisian goods to various countries, as well as increasing the efficiency of exporters in the areas of finance and marketing and provision of employment opportunities for young people.

For his part, Tunisian Minister of Investment and International Cooperation Zied Ladhari stressed the importance of partnership with the IDB to finance a number of development projects that were presented during the investment seminar held in Tunis in November 2016. He pointed out that the partnership with the IDB will promote technical cooperation through backup linkages and exchange of successful experiences in priority areas to enhance the return of Tunisian competencies from outside the country.

—AB/IINA