(Ecofin Agency) - The World Bank has approved the Business Environment and Entrepreneurship development policy loan, amounting to $500 million, to support Tunisia’s efforts to improve business environment and boost entrepreneurship. This was revealed by the institution in a press statement released on June 13, on its website.

According to the statement, the facility aims to “support key pillars of the Five-Year Development Plan 2016-2020 put in place by the Government of Tunisia’s, which puts the private sector at the heart of the growth and jobs agenda, create a level playing field for competition, and make financing accessible for young firms and entrepreneurs”.

In details, “this operation also contributes to meeting the government’s objective to boost seed and equity financing for young firms and entrepreneurs and improve access to credit and housing finance through the simplification of the existing regulatory framework for seed and equity funds, the adoption of the law to allow the functioning of private credit bureau and the revision of the eligibility criteria to the Social Housing Promotion Fund (FOPROLOS, Fonds de Promotion du Logement pour les Salaries),” said Abdoulaye Sy, World Bank Senior Economist for Tunisia and team leader for the program.

In the past, the World Bank backed many Tunisian programmes supporting the private sector, with the most recent for the “hackatons” which are organized for the youth to develop IT solutions to promote women’s economic empowerment.

Fiacre E. Kakpo