The World Bank has announced a new strategic partnership framework with Tunisia for the period from 2023 to 2027, aiming to support the Tunisian government’s development plan.
In a statement released on Thursday, the World Bank stated that within this partnership, it will grant between $400 million and $500 million annually to Tunisia to boost its economic activity.
The World Bank added that these funds will be implemented through the World Bank, the International Finance Corporation, and the International Development Association, in addition to additional investments from these institutions.
The World Bank clarified that the strategic partnership will span between the years 2023 and 2027.
The primary objectives of this partnership are to provide decent job opportunities in the private sector, enhance the country’s resilience to climate change, and reduce carbon emissions, according to the bank’s statement.
Tunisia is facing a severe economic crisis exacerbated by the repercussions of the COVID-19 pandemic, as well as the Russia-Ukraine crisis.
Talks between Tunisia and the International Monetary Fund (IMF) regarding a $1.9 billion loan have been stalled for months, with Tunisian President Kais Saied rejecting key reform commitments necessary to secure the funds and refusing to accept the agreement.
Europe is deeply concerned about the possibility of Tunisia experiencing a comprehensive financial crisis, which could trigger a new wave of migrants across the Mediterranean in search of a better life.