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World Bank plans to lend Tunisia $5 bln over five years

March 26, 2016 4:00 PM

The North African country is struggling with lower tourism revenue after Islamist militant attacks last year, protests over unemployment and slow progress on economic reforms that have lagged political advances made since its 2011 uprising.

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The World Bank plans to lend Tunisia $5 billion over five years to support democratic transition in the North Africa country and revive its economy, Tunisia country manager for the World Bank said on Friday.

"The bank has developed a strategy for five years and plans to lend Tunisia $1 billion per year," Eileen Murray, Tunisia country manager for the World Bank, told Reuters.

"We have confidence in Tunisia's transition and will continue to support its economy and to finance infrastructure projects and financial and education sectors."

The country's economy has faltered since the 2011 revolt against autocrat Zine El-Abidine Ben Ali, which sparked the Arab Spring revolutions across North Africa and the Middle East.

Its problems have been exacerbated by last year's attacks by Islamist militants who targeted the country's tourism industry, which accounts for 7 percent of gross domestic product. Gunmen killed foreign visitors at a museum in Tunis and a beach resort in Sousse, forcing tour companies to suspend some operations in the country.

Credit: Reuters

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