First major bank privatized in Tunisia
Tunisia, Economics, 12/5/1997
In another first in Tunisia, a public sector bank is going to be privatized. The Bank of Al Ganoub, considered to be one of the biggest banks in Tunisia, was put up for sale.
By virtue of the Public Facilities Law issued in 1989, businesses in which government participation is less than 34% are not considered public sector entities. According to this law, Al Ganoub will be the first bank to change from being owned by the public sector to the private sector, as government participation will decrease to less than the specified percentage.
The government participation in public sector production businesses was reduced from 48% at the 1980's to about 42% at the present time as a result of the privatization process. This contribution was reduced from 57% to 54% in the investment projects during the same period.
The authorities are expected to continue their efforts to reduce government contributions in the upcoming period. Tunisia is trying to reach the level of industrialized countries where government ownership share of institutions does not exceed 7%, while in Tunisia it is more than 20%.
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