Day: June 12, 2024

Tunis: The weather Wednesday is partly cloudy, getting very cloudy in the afternoon over western regions of the north and midland with local storm cells and some rains, then in the far north during the night.

Highs are ranging between 26°C and 32°C in the north, midland and south-east, 33°C and 40°C in the south-west, hovering over 46°C in the far south, with sirocco wind blows.

The wind is blowing north in the north and east in the midland and south, quite strong to strong near coasts and on heights in the centre-west and south with local sandstorms, light to moderate elsewhere.

The sea is choppy in the north and very choppy in eastern coasts.

Source: Agence Tunis Afrique Presse

Tunis: Tunisia is determined to work progressively to contain the pressure on public finances and improve the economic situation, Finance Minister Sihem Nemsia said during a meeting with US Deputy Assistant Secretary of the Treasury for Africa and the Middle East, Eric Meyer.

Nemsia stressed during the meeting held in Tunis on Tuesday Tunisia’s determination to implement several reforms, fight corruption, establish a fair tax system by broadening the tax base and integrating the parallel economy in order to restore economic and financial stability. This is besides, boosting investment and strengthening the social role of the state, especially in caring for vulnerable and low-income groups, according to statement from the Finance Ministry.

She pointed out that the policy of self-reliance is a national option through which Tunisia seeks to preserve national sovereignty, cut the budget deficit, reduce the size of the public external debt and restore its capacity to achieve the expected economic recovery and re
store the vitality of the productive sectors in the coming period.

Nemsia reviewed the main indicators that reflect the country’s economic and financial resilience despite the negative impact of the health pandemic, geopolitical conflicts and climatic changes that the world is witnessing and their negative effects on the economic situation and financial balances.

Source: Agence Tunis Afrique Presse

Tunis: The Assembly of People’s Representatives (ARP) on Wednesday considers in a plenary session a bill on the approval of a credit agreement concluded on February 22, 2024 between Tunisia and the Saudi Fund for Development (SFD) for the co-financing of a project to renovate the railway network for the transport of phosphate.

Under this agreement, Tunisia will be granted TND 172.7 million (USD 55 million) in funding from the SFD, repayable over 20 years with a 5-year grace period and an interest rate of 2%.

The project to renovate the railway network used to transport phosphate, at a total cost of TND 518 million, is managed by the National Tunisian Railway Company (SNCFT).

The goal of the project is to renovate and upgrade part (190 km) of the railway lines used to transport phosphate, with a view to facilitating the transport of larger quantities of phosphate and optimising costs.

It further aims to boost the SNCFT’s capacity to transport produced and processed phosphate, improve the financial situatio
n of companies operating in the sector, and contribute to the recovery of the national economy.

The project also aims to reduce the maintenance costs of the railway network, much of which has been in operation for over 40 years, to increase the use of new phosphate wagons with a capacity of 3,200 tonnes, and to contribute to regional development and the creation of direct and indirect employment.

The expected objectives of the project are to protect the environment, save energy, reduce traffic on the road network and improve the balance of trade by guaranteeing the transport of larger quantities of phosphate and phosphate derivatives.

The first phase of this project covers the part of the phosphate transport rail network located in southern Tunisia, notably in the governorates of Sfax, Gafsa and Gabes. This first phase will take 2 years to be completed.

The phosphate sector plays an important role in the national economy, accounting for 3% of GDP and for 6% of exports compared with 10% in 2010.

This decl
ine is due to the structural problems facing the sector’s companies.

Source: Agence Tunis Afrique Presse

Tunis: The ‘Aftercare’ programme, designed to support and assist foreign companies in Tunisia, was the focus of a workshop themed “Aftercare programme, lessons learned and 1st results” held on Wednesday in Tunis, in the margins of Tunisia Investment Forum ‘TIF 2024,’ organised at the initiative of the Foreign Investment Promotion Agency (FIPA).

Supported by the International Finance Corporation (IFC), a member of the World Bank Group, the ‘Aftercare’ programme consists of proactively contacting foreign companies established in Tunisia, with a view to facilitating their expansion operations, even before they encounter difficulties, FIPA Managing Director Jalel Tebib told TAP.

He pointed out that 80% of foreign investment in Tunisia stems from operations carried out by companies already established in Tunisia.

‘The aim of the programme, which began in 2019, is to target opportunities for expansion in Tunisia, even before any difficulties arise, based on target criteria such as turnover, investment cost, expo
rt amount,’ he said.

A pilot test of the programme targeted the automotive industry, a sector of interest to foreign companies in Tunisia, he pointed out, adding that an initial potential list of over 200 companies meeting the criteria had been drawn up.

The Aftercare programme will be extended to other sectors, including the aeronautical industry, the official specified.

According to FIPA figures, the Tunisian market includes more than 3,862 foreign companies. They represent a major part of the national economic landscape, totalling investment of some TND 40,229 million and generating more than 450,000 direct jobs, many of them specialising in the automotive and aeronautical components industries, the digital sector, the agri-food industry, the pharmaceutical industry and services, as well as other economic sectors.

The year 2023 saw the creation of 638 investment operations worth over TND 1,916.3 million, including 520 investment operations in the form of expansion projects and 118 new projects.

Sourc
e: Agence Tunis Afrique Presse

Tunis: Tunindex closed Wednesday’s session down 0.29% to 9,638.02 points with a high volume of TND 11.5 million, according to broker Tunisie Valeurs.

Trading was boosted by six block transactions on One Tech Holding (OTH) shares worth TND 9 million.

ASSAD shares were the best performers after rising by 3% to TND 0.7 with a limited volume of TND 11,000.

BH Bank also performed well. The share price edged up 1.8% to TND 13.990, feeding the market with a capital of TND 10,000.

STA shares fell by 5% to TND 18.8.

Likewise, TPR shares dropped by 2.5% to TND 5.750, generating a capital of TND 112,000 over the session.

OTH shares were the most traded thanks to six block transactions.

Source: Agence Tunis Afrique Presse