IsDB Annual Meetings: $ 500 million fund in support of innovation to be officially launched | Tunisia News Gazette

IsDB Annual Meetings: $ 500 million fund in support of innovation to be officially launched

A $ 500 million Fund in support of innovation, creation and technology will be officially launched on the sidelines of the 43rd Annual Meetings of the Islamic Development Bank Group (IsDB), held from April 1 to 5, 2018 in Gammarth (North Suburbs of Tunis), said Minister of Development, Investment and International Co-operation Zied LaAdhari, who chairs the IsDB Board of Governors meeting.

He added that several human and social initiatives, such as the second generation initiative to support 100 thousand people to fight against blindness, will also be launched on the sidelines of these meetings.

The IsDB has granted Tunisia an amount of nearly 3.2 billion dollars (7.7 billion dinars), of which 905 million dollars (2,170 million) are financing obtained during the post-revolution period (December 17, 2010- January 11, 2011), he recalled Monday at a press conference held on the fringes of these meetings.

“This amount made it possible to finance several investments in the fields of energy (765 million dollars), water (258 million dollars), agriculture (184 million dollars), education (91 million dollars) and health (30 million dollars),” LaAdhari further indicated.

He said that an agreement between Tunisia and the IsDB group has mobilised funding for public and private investment worth $ 1,500 million over 5 years, granted in the form of loans of 300 million dollars annually).

The IsDB group is ready, according to him, to help increase foreign trade in Tunisia (large public companies), through the injection of 7,500 MD in financing over the next few years.

A strategic partnership between the IsDB and Tunisia will be concluded to determine future co-operation projects planned for the next three years, he said.

Several agreements will also be signed to finance the construction project of two regional hospitals in Thala (Kasserine governorate) and Dahmani (Kef governorate) as well as the project for the transfer of electrical energy.

IsDB President Bandar Al-Hajjar recalled that the bank is committed to supporting Tunisia, recalling in this regard the agreement signed in March 2018, worth $ 300 thousand, to relocate the National Company of Cellulose and Esparto Paper (SNCPA) in Kasserine outside the city center.

The annual report presented during this event highlighted that the IsDB Group’s total net assets have reached from its inception in the 1970s to the end of 2017 nearly 128.7 billion dollars for the realisation of nearly 8,223 projects.

Financings for the year 2017 were estimated at 9.8 billion dollars.

Source: TAP News Agency

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