AfDB grants Euros 8 million-loan to Hannibal Lease to boost SMEs' growth | Tunisia News Gazette

AfDB grants Euros 8 million-loan to Hannibal Lease to boost SMEs’ growth

The African Development Bank (AfDB) announced Wednesday in a press release the decision to grant a Euros 8 million- loan to Hannibal Lease, a credit institution specialised in leasing.

In addition to this credit line, the bank offers a technical assistance grant to improve, in particular, its risk analysis and control system and help it set up a management system of the environmental and social effects of its operations.

The signing ceremony of the loan agreement between the AfDB and Hannibal Lease was held on April 30 in Tunis, in the presence of AfDB Director General of North Africa Regional Development & Business Delivery Office Mohamed el Azizi and Hannibal Lease Director-General Mohamed-Hechmi Djilani.

Taking the floor, el Azizi said that “this loan will support the growth dynamic of Hannibal Lease which seeks to develop its franchise in Africa … For the AfDB this operation can be the 1st milestone of a successful partnership between the Bank and Hannibal Lease, which had expressed wish to be assisted by international development institutions in its continental expansion.

The loan will help Hannibal Lease finance nearly 300 projects which will contribute to the creation or consolidation of at least 600 jobs. In addition, the technical assistance grant will notably help Hannibal Lease raise its risk management systems to international standards by setting up a rating mechanism for its clients, in compliance with the guidelines of the Central Bank of Tunisia.

The AfDB’s active portfolio in Tunisia currently has more than 48 projects and programs, totalling nearly $ 2.63 billion.

The transport sector accounts for 35.18% of this portfolio, followed by the financial sector (22.6%), the social sector (17.43%), water and sanitation (11.89%) and energy (5.15%), the remainder is shared out between agriculture (3.83%), telecommunication (3.33%) and multi-sectoral and other operations (0.59%).

Source: TAP News Agency

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