The French Development Agency partners with the Entrepreneurs Financial Centre set up by DID in Tunisia
to support its growth
Lévis (Qc), December 6, 2016 - November 28 marked the official signing of an agreement between the French Development Agency (AFD) and the Entrepreneurs Financial Centre of Tunisia (EFC Tunisia), a microfinance institution set up and operated by Développement international Desjardins (DID), intended to support the growth of the EFC.
Under this agreement, the AFD will provide EFC Tunisia with a one million euro subsidy to finance technical support provided to the EFC by DID, thereby contributing to the strengthening of EFC management and operations.
This subsidy adds to a one million euro capital investment in EFC Tunisia by Proparco, an AFD subsidiary.
The announcement was made by the head of the Tunisian Government, Youssef Chahed, and the french Prime Minister, Manuel Valls.
This subsidy will support the mission of EFC Tunisia, which is to meet the needs of Tunisian micro and small enterprises by facilitating access to various financial and insurance products and services that are adapted to market needs and priced competitively. With its team of experts dedicated to working with entrepreneurs, the EFC contributes to the development of the private sector in Tunisia, to job creation and to the social cohesion of the country.
Supported by its partner Global Affairs Canada and its two startup shareholders, AfricInvest Group and DID, the EFC established its head office and its main branch in downtown Tunis in June 2015. It expanded in 2016 with the establishment of four financing centres in metropolitan Tunis and plans to extend its outreach beyond the capital in 2017. As of October 31, 2016, it had 52 employees, 540 clients and an outstanding loan portfolio of nearly 4.5 million dinars (CAN$ 2.6 million).