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Tunisia: Qatar loans to Tunisia

Tunisia, a tiny country compared to its North African neighbors, has been giving a loan by Qatar to the tune of $1 US billion to revive its economy.
The newly elected government is putting in place all the mechanisms necessary and at its reach to kick-start an economy which has been in shambles since the revolution began. The economy since then has contracted to 1.8% as a consequence.
The Qatari government offered a billion dollar loan to allow the growth of the economy. Half of the sum will be heading to the Tunisian Central Bank to support it. The loan stretches over a period of 5 years with an annual interest rate of 2.5% attached to it. No further details were given by the bank officials. Qatar has also reiterated its readiness to make available 20,000 jobs to the people of Tunisian nationality.
It can be recalled that the Tunisian president, Moncef Marzouki, accompanied by a delegation were recently on an official visit to Qatar during which they signed several Memorandums of Understanding and different agreements on bilateral cooperation.
In the same vein, the cradle of the Arab spring has also got the nod from the USA as a guarantee this year for its planned bond in order to enable it lend at favorable rates on the international market.
Tunisia is hoping to revive its economy especially its tourism industry which is very vital to its economy. After winning its fight against ex-president Ben Ali, Tunisia now has an economic battle to deal with.

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Posted by on Apr 27 2012. Filed under Finance, Headlines. You can follow any responses to this entry through the RSS 2.0. Both comments and pings are currently closed.

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