(Ecofin Agency) - For the first day of the Tunisia 2020 conference which is currently being held in Tunisia, overall commitments of countries present reached nearly $8 billion, out of a target of $30 billion to finance projects.

Pledging close $1.5 billion, Qatar is Tunisia’s top bilateral partner. The country is slightly ahead of France, the other nation strongly present at the conference, represented by its Prime Minister and about 250 of its businessmen. Commitments from the European nation amount to about €1.36 billion (about $1.4 billion).

Around €60 million will be obtained by reconverting the Tunisian debt into funds for development. Five conventions were signed by various actors, for close to €100 million, and the French Development Agency should invest €25 million per year to support Tunisia’s 2016-2020 plan, thus a total of €1.25 billion.

Kuwait promised to lend Tunisia $500 million, Turkey $100 million, and Canada said it would invest $24 million in the country.

Saudi Arabia for its part promised to give the nation $100 million. The Arab Fund for Economic and Social Development, besides bilateral support, pledged $1.5 billion while the European Investment Bank promised to provide close to $2.65 billion by 2020, in addition to signing €502 million worth of conventions a day before the conference.

Tunisian authorities hope to secure close to $4.5 billion in commitments and investments before the conference ends. Tunisia is going through a difficult period and now needs support which it could managed without normally, President Beji Caid Essebi said in his speech.

Aids, loans and grants are not the sole axes around which the Tunisia 2020 conference revolves. Indeed, on the sideline of the event, Telnet Holding and Airbus Safran Launchers signed a partnership agreement for 120 million Tunisian dinars ($51.8 mln) to develop microsatellites in Tunisia.