Tunisia: Société Générale’s subsidiary gets $10M credit line from EBRD
(Ecofin Agency) - The European Bank for Reconstruction and Development (EBRD) has granted a $10 million funding to Union Internationale de Banque (UIB), Tunisian subsidiary of French group Société Générale, so that it finances its external trade operations.
Support from the London-based institution will cover guarantee issuances by the Tunisian lender, for a maturity of up to three years, as well as its pre-export and post-export financing operations.
To the credit line will add training on external traded for UIB’s client companies. The latter will benefit from the bank’s expertise in terms of investment funding solutions, international trade transactions, and treasury management.
It should be recalled that on June 22, 2017, EBRD provided UIB another €40 million credit line with a 7-year maturity period to finance SMEs and medium-size companies.
Over the first half of 2017, the Tunisian bank recorded a net banking product of 134 million Tunisian dinars (10 dinars = $4.12) and a net result of 37.4 million dinars. The latter was up 16% as compared to H1 2016.