The EU’s Tunisian delegation signed a €1.8m financing agreement with France-based MicroCred Group to establish a Tunisian subsidiary, MicroCred Tunisie.

In addition to small scale loans geared towards individuals and businesses that have been excluded from the formal banking system, MicroCred Tunisie is also expected to provide coaching for entrepreneurs to conceptualise and launch their own businesses.

Total project costs are expected to reach €3.6m and will be co-financed by the EU, international financial institutions and local partners, including Tunisian banks and private industrial groups.

Project partners aim to reach 250,000 microcredit beneficiaries in the first five years, of which 150,000 are slated to be in under-developed regions in the interior.

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