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afrol News, 28 February - The African Development Bank (ADB) has approved a line of credit of 28.5 million Euros (approximately US$ 24.60 million) to the Banque de l'Habitat (BH) of Tunisia. This line of credit is in conformity with the ADB's strategy aimed at improving the private sector environment, developing industry and tourism through assistance to Tunisian small and medium-sized enterprises. According to a press release by the Bank yesterday, the line of credit will "contribute to the development of the tourism and manufacturing industry sectors with a view of attaining a yearly growth of 6 percent for the tourism sector and 6.8 percent for the manufacturing industry upon the project completion in 2004." The credit is further supposed to enable the Banque de l'Habitat to grant medium and long-term loans to Tunisian small and medium-sized enterprises for the establishment, extension or renovation of financially profitable, economically viable and environmentally friendly tourist and industrial sub-projects. The proceeds of the line of credit are to help the Banque de l'Habitat to strengthen its financial capacity and diversify its activities in the industry and tourism sectors. The ADB intervention is expected to improve its capacity to mobilize long-term resources and manage environmental risk through the training of Banque de l'Habitat managers in environmental management. - Moreover, the line of credit will contribute in a significant manner to poverty reduction and growth by creating direct and indirect jobs, particularly for women working in cottage industry, hotel and trade sectors, the ADB statement reads.
Sources: Based on ADB.
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