Jeddah, KSA, 19.06.2013 – In his recent visit to the capital city of Tunis, Chairman of the IDB Group, Dr. Ahmad Mohamed Ali, signed a US$ 1.2 billion strategic partnership agreement with Tunisia towards intensifying mutual cooperation in priority areas. Under the document, the IDB Group shall provide nearly US$ 1.2 billion to finance development projects during 2013 – 2015 which are submitted to the IDB during the 3 year period as stipulated in the agreement. Dr. Ali also met with HE Ali
Laarayedh, Head of the Government of Tunisia and discussed with him the IDB – Tunisia cooperation as well as the framework of the partnership agreement.
Member country partnership strategy agreements concluded by the IDB with member countries constitute a modern action plan under which the Bank enters into agreements with member countries for cooperation in priority areas based on a planned program.
During the visit, the IDB Group Chairman underlined the Bank’s readiness to support Tunisia’s first ever Sukuk program worth US$ 600 million and added that the Bank will provide financial guarantee for the project.
The announcement came on the sidelines of an investment conference organized by the IDB in the Tunisian capital as part of a series of conferences scheduled in various Arab countries which are members of the Deauville partnership; an initiative launched one year ago by the G-8 in favor of Arab Countries in Transition to strengthen governance, foster economic and social inclusion, create jobs, support private sector-led growth, and advance regional and global integration. It also includes a
platform of many international financial institutions and organizations and the IDB hosts the platform’s Secretariat for the Deauville Partnership until Sept. 2013. The investment conferences aim at building investors’ confidence and encourage businessmen to utilize existing investment opportunities in these countries thereby helping to spur socio-economic development as well as employment for the youth.