Announcement of World Bank Approves Thirty Million Five Hundred Thousand Dollars Loan to Development Bank in Tunisia on March 29, 1982

.. . FOR IMMEDIATE .RELEASE · • I !•World Bank · 1818 H Street, N.W., Washington, D.C. 20433 1 U.S.A.• Telephone: (2d2) 477-1234 \\ ,\ BANK NEWS RELEASE NO. 82/65 Contact: Melhem Salman March 29, 1982 (202) 477-5328 WORLD BANK APPROVES $30.5 MILLION LOAN TO DEVELOPMENT BANK IN TUNISIA Banque de DeveJoppement Economique de Tunisie (Economic Development Bank of Tunisia) will use a $30.5 million loan to provide a $28 million credit line for supporting priority electrical and mechanical industries and for general purpose lending to industry in Tunisia. The credit line will be split evenly between the two types of industries. The remainder of this loan will be used by the Tunisian Government to provide technical assistance in setting up a Technical Center for Mechanical Indus- tries and a National Institute of Standardization and Quality Control for manu- facturing industries and in conducting a study on effective protection·of electrical and mechanical industries. The line of credit will support the Tunisian bank's lending program aimed at investing $30 million in electricai and mechanical industries between 1982 and 1984 that should result in the financing of projects totaling investments of about $80 million, representing 20% of the projected investments for the purpose under the country's Sixth Plan. Some 6,000 jobs are expected to be created as a result of the investments. The World Bank loan to Banque de Qlveloppement Economique de Tunisie (68 Habib Bourguiba Avenue, Tunis, Tunisie, Tilex: BDETUN 12382 TN) with the guarantee of the Tunisian government, is repayable in 15 years, including three years of grace. It carries interest at 11.6% per annum, an annual commitment charge of_ 0.75% on undisbursed balances, and a front-end fee of l.5% on the amount of the loan. The 1oan brings World Bank lending to Banque de Developpement Economique de Tunisia to a total of $126.3 million. NOTE: Money figures are expressed in U.S. dollar equivalents • •