World Bank plans to lend $5b to Tunisia over 5 years
The World Bank has announced it is planing to lend Tunisia $5 billion over five years to support the country's democratic transition and revive its economy. The announcement was made on Friday by the Bretton Wood institution's Country Manager, Eileen Murray. "The bank has developed a strategy for five years and plans to lend Tunisia $1 billion per year," Eileen Murray told Reuters.
Tunisia's country manager for the World Bank added that; "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 North African country is struggling with low tourism revenue after Islamist militant attacks last year, protests over unemployment and slow progress on economic reforms since the 2011 uprising.
The country's economy has dipped since the 2011 revolt against autocrat Zine ElAbidine Ben Ali, which sparked the Arab Spring revolutions across North Africa and the Middle East. The country's tourism industry accounts for 7 percent of gross domestic product.