Kuwait,Council of Ministers,Arab Fund for Economic and Social Development,AFESD,Dams,Manouba,Sousse,Irrigation,Loan

Council of Ministers Approves Draft Law on AFESD Loan for Dam & Irrigation Project

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Prime Minister Habib Essid held a meeting of the Council of Minister on February 24, where a draft law on a loan agreement of 330 million Tunisian dinars, between the Tunisia and the (AFESD) to help finance the construction of two dams and irrigation facilities, was approved.

 

Tunisia signed a loan agreement concluded on January 26, 2016 during a trip by Beji Caid Essebsi to Kuwait, worth 330 million Tunisian Dinars from the Arab Fund for Economic and Social Development (AFESD) towards the construction of two dams (in the governorates of Sousse and Manouba). The AFESD is a Kuwaiti government’s development bank and finance institution, whose membership includes all member-states of the Arab League.

 

President Essebsi was accompanied by Finance Minister Slim Chaker, who was on hand to sign the loan agreement, and told TAP afterwards that the loan “was marked by conditions suited to the situation in the country, will be reimbursed over 22 years including a six-year grace period with a 3% interest rate.”

 

Kuwait and Tunisia also signed a ‘bilateral military cooperation treaty’ which Tunisian Foreign Minister Khemais Jhinaoui, who also accompanied Essebsi, told Tunis Afrique Presse (TAP) in January ‘lays the basis of bilateral military co-operation and provides notably for military training and co-operation between the armed forces, the logistic services, the exchange of experts, technicians and professionals in the various military fields.’

 

The visit was part of a two country trip to Kuwait and Bahrain.

In Manama President Essebsi had met with board members of the Gulf Financial House (GFH) and Tunis Bay Development Company (TBDC) to relaunch the Tunis Financial Harbor (FTH) mega project.  The multibillion dollar project has been stalled since the 2011 Revolution, one week ago on February 17, Tunisian President Beji Caid Essebsi met with a delegation from the Bahrain at the Presidential Palace in Carthage to follow up on relaunching the project dubbed the ‘Tunis Financial Harbor’.

 

According to a statement from the Office of the Presidency, the “Bahraini delegation briefed the on the phases of the project” according to same statement, President Essebsi “underlined the need for the Tunisian government and the Bahraini group to work together to accelerate the project”