Tunisia borrows $ 50 million to promote Phosphate mines

The African Development Bank provided a loan to Tunisia at a cost of USD 50 million to finance an operation for developing phosphate mines and enhance its exports of this product.

Phosphate exports in Tunisia represent 7% of the USD 9.1 billion total Tunisian exports in 2004. Tunisian main phosphate mines are located in Qafsah area to the south.

Last week, Tunisia got a loan from the European Bank for Development at a value of USD 80 million EUROS to finance information technology projects with the aim to support IT and operational economy and support local developments. The loan will contribute to financing the establishment of five technological areas in Tunisia with the aim of increasing investment in telecommunications field and modernize its establishments.

In its set strategy, the Tunisian government embarks on strengthening the economy so as to withstand severe foreign competition especially from emerging Asian states, and to reduce unemployment among university graduates.