The European Parliament just approved a €500 million loan to Tunisia to help it reduce its external debt and consolidate democratic mechanisms.

To get this loan, Tunisia must sign Memorandum of Understanding with the European Commission, according to which it would commit to structural reforms and to the healthy management of its public finances.

“Tunisia's transition towards democracy still remains absolutely remarkable. Europe really needs to stand by its side now, and I ask the Commission to make this money available as quickly as possible,” said rapporteur of European Parliament, Marielle de Sarnez, on June 8 in a debate before the vote.

She invited the EU Commission to “start thinking along the lines of France and Germany which have decided to convert part of Tunisia’s debt into investment in Tunisia.”

More than five years after the uprising that overthrew Ben Ali’s regime, Tunisia’s economy is still struggling to restart, hampered by repeated political troubles, social movements and terrorist attacks. In 2015, Tunisia’s GDP grew by less than 1%.