FEMIP supports microfinance in Tunisia - EUR 2 million loan to ENDA Inter-Arabe microfinance association
- Release date: 19 December 2007
- Reference: 2007-148-EN
FEMIP (the Facility for Euro-Mediterranean Investment and Partnership), the European Investment Bank’s dedicated facility for the nine partner countries on the southern flank of the Mediterranean, is pressing ahead with its support for the microfinance sector in the region. Today it granted a long-term loan of nearly TND 3.6 million (EUR 2 million) to the Tunisian microfinance association ENDA Inter-Arabe to finance its expansion.
This is FEMIP’s second loan to this association, a first loan of EUR 750 000 having been signed in June 2006. This loan will enable ENDA to provide over 50 000 micro-credits, fostering the creation of small businesses and jobs. FEMIP’s renewed vote of confidence in ENDA Inter-Arabe is also expected to have an additional catalytic effect on local investors, so helping the association to achieve its growth objectives.
Supporting the integration of microfinance institutions in local financial sectors:
FEMIP’s long-term strategy Microfinance is one of the priorities of FEMIP, whose main objective is to support private sector development in the southern Mediterranean. Accordingly, FEMIP also endeavours to ensure the long-term future of microfinance associations by helping them to establish appropriate governance structures and achieve the stability to enable them to raise funds from banks independently.
FEMIP to hold a dedicated microfinance conference in Tunis in May 2008
Besides being the leading provider of development finance in the region, FEMIP has established itself as a forum for dialogue and cooperation between Europe and the Mediterranean. In particular, every year it organises two conferences bringing together policymakers and representatives of civil society to discuss the challenges facing the Euro-Mediterranean partnership. In May 2008 FEMIP will hold a dedicated microfinance conference in Tunis.