Day: February 15, 2024

Fethi Zouhair Nouri was sworn in on Thursday by President Kais Saïed, as the new Governor of the Central Bank of Tunisia (BCT). He succeeds Marouane El Abassi, whose six-year term ends on February 16, 2024. Born on November 7, 1955, Fethi Zouhair Nouri graduated from the Faculty of Economics and Management (FSEGT) in Tunis in 1982 with a degree in economics, specialising in planning. He also holds a master's degree in financial and industrial economics from the University of Paris 13 and a master's degree in energy economics from the University of Paris 2, obtained at the Institut Français du Pétrole. In 1987, he obtained a doctorate in economics, specialising in energy economics. He has been a lecturer in economics since 2006. Fethi Zouhair Nouri has also been an advisor to the Tunisian Confederation of Industry, Trade and Handicrafts (UTICA). He was also a member of the Economic and Social Council for three terms (1994-2000), (2006-2011) and (2012-2014). From 2012 to 2014, he was a member of the Coun cil of Economic Analysis under the Prime Ministry (first term) and held the same position for a second term, from 2014 to 2017. In 2015, he held the post of economic advisor to the Financial Market Council (CMF) and was a member of the Financial Market Committee of the BCT. The new governor of the BCT, Fethi Zouhair Nouri, has conducted a number of researches and studies on various economic topics. Source: Agence Tunis Afrique Presse

The "Insadder" project, a European export aid instrument launched by the European Bank for Reconstruction and Development (EBRD), has helped almost 120 small and medium-sized enterprises (SMEs) to export for the first time and to capture new markets. Financed by the European Union (EU) in partnership with the Ministry of Trade, to the tune of pound 7.2 million (nearly 33 million dinars), this project helps SMEs to improve their export capabilities, by providing them with advice from export experts and specialists. Speaking at the opening of an information day held in Tunis on Thursday, Lamia Abroug, Chief of Staff of the Minister for Trade and Export Development, said this instrument was designed to help SMEs exporting for the first time, or those in the start-up phase who wanted to strengthen their position on export markets. She emphasised the importance of the support instruments and programmes available to SMEs to help them, particularly in promising export markets. She added that this programme was p art of the State's export development policy, implemented in cooperation with its partners, with a different vision and objectives aimed at supporting SMEs in their export experience and positioning in the various new markets. For his part, Jad Zgheib, Director of SME Support at the EBRD, pointed out that this project dates from 2021 and will run for three years until 2025. SMEs have benefited under this project from specialised training sessions provided by specialists in the export field, he added. The programme aims to reach as many Tunisian companies as possible and help them export to foreign markets, so that they can improve their turnover. Marco Stella, head of the economic development section at the European Union delegation in Tunisia, said the "Insadder" project had a number of focuses, particularly on facilitating the migration of Tunisian SMEs towards the green and blue economy and the digital transition, as well as helping companies to access sources of finance through financial subsidies prov ided by this project, which should help them to develop their export activities. He explained that the project was also part of a wider process launched by the European Union in cooperation with the Tunisian Ministry of Trade and Export Development through the Tunisian Industry 4.0 development project, the development of start-ups and the establishment of a 100,000 dinars subsidy fund to support scientific research and innovation. With regard to the specialities of the micro-enterprises that have benefited from the "Insadder" project, the European official stressed that they are mainly active in the services sector and in the marketing of products. He, however, affirmed that there was no particular sector targeted, the objective being to help SMEs to support exports and conquer new markets. Source: Agence Tunis Afrique Presse

The food trade balance recorded a surplus of TND 496 million in January 2024, compared to a deficit of TND 151 in 2023, recording a coverage rate of 202.8% compared to 79.2% in January 2023, according to data published by the National Observatory of Agriculture Thursday. This improvement is explained by the 70.5% increase in food exports, mainly due to higher olive oil exports (+125%) and fishery products (+108.5%). Imports, on the other hand, fell by 33.4%, mainly due to lower imports of grain (-42.5%), vegetable oils (-58.0%) and sugar (-77.2%). The recovery of the food trade balance was also driven by the rise in the average price of olive oil (+78.9% to 27.04 DT/kg) and falling import prices of grain products. Durum wheat prices fell by 16.8%, common wheat by 27.8%, barley by 34.5% and maize by 24.4%. In the first month of 2024, food imports accounted for 8.5% of the country's total imports, while food exports accounted for 19% of overall exports. Source: Agence Tunis Afrique Presse

Nearly 35 startups and entrepreneurs in the Middle East and North Africa region benefited from the Bridge'Up, From Innovation To Creation Initiative, said Zeineb Messaoud, the Executive Director of digital innovation hub the DOT. The initiative is an ambitious inter-regional project to boost entreprepreneurship in four target countries, namely Tunisia, Jordan, Lebanon and Palestine, Messaoud Thursday told a press conference in Tunis. The project was set in motion in April 2023. It is financed by the European Union in collaboration with NGO Spark and the first digital innovation hub, the DOT. It is designed to help build partnerships with strong impact and connect innovative organisations with shared values in the MENA region. Messaoud said the thirty-five startups and entrepreneurs, including ten from Tunisia, had access- as part of this project- to a five-week training programme with tailored support in a bid to help them internationalise their activities and gain access to international markets. A two- day regional conference (February 15-16) will bring together the key actors of the ecosystem of innovation and entrepreneurship, partners and lenders to foster a fruitful collaboration in the MENA entrepreneurship ecoystems and put in place a platform of exchange for the Tunisian ecosystem. Bridge'Up project Manager Abdelaziz Ben Malek said support was provided to 35 startups and entrepreneurs under this initiative. Their capacities were also appraised so as to put forward strategic and operational recommandations. DOT is the fruit of a public-private partnership led by the Ministry of Communication Technologies and supported by the EU-funded Innov'i - EU4Innovation project, the Tunisia Foundation for Development and the German Agency for International Cooperation. Source: Agence Tunis Afrique Presse

The European Investment Bank (EIB), through its development arm EIB Global, announced on Thursday that it has granted Tunisia financing totalling pound 92 million in 2023, focusing on the construction of schools, electricity interconnection with Europe and support for micro-entrepreneurs, in partnership with the European Commission. The year 2023 also saw a 47% increase in disbursements for key development projects, totalling pound 172 million, compared with pound 117 million in 2022. This upward trend in disbursements reflects the increased mobilisation of technical assistance under the Economic Resilience Initiative, which facilitates the rapid and efficient use of funds, the EIB said in a press release. The Bank also noted that it has provided technical expertise and sector support, in particular through the European Union's support funds, in the areas of water and sanitation, transport and electricity networks. As a result of this cooperation, the National Sanitation Utility (ONAS) was granted pound 1. 2 million to strengthen its sanitation infrastructure, an important step towards improving water treatment services. In the transport sector, the Tunisian National Railways Company (SNCFT) received pound 1 million to electrify its trains and promote cleaner mobility solutions. In addition, a pioneering pumped-storage hydroelectric project was supported with EUR 1.5 million, underlining the EU's and the EIB's commitment to promoting the deployment of innovative and sustainable energy technologies. Speaking to the press on Thursday, Jean-Luc Revéreault, Head of the EIB's Representation in Tunisia, stressed that his institution was "positioning itself more than ever as a reliable partner for Tunisia, mobilising to meet the challenges facing the country, such as food security, energy independence and access to education." Support for entrepreneurs remained one of the Bank's priorities, he added. 'Tunisia's economy can only be revived by investing in sustainable and resilient infrastructure and mobilising the private sector wherever possible," he said. "Supporting a resilient and inclusive economy is at the heart of our mission at the EIB. In 2023, we continued our mobilisation in Tunisia by providing EUR 92 million for the creation of innovative education infrastructure and vital support for micro-entrepreneurs. These initiatives are essential for the country's sustainable development and we are determined to continue and expand this support in 2024", underlined EIB Vice-President Nicola Beer. Source: Agence Tunis Afrique Presse

The stock market recorded a slight decline (-0.04%) to 8,357 points during Thursday's session, with an extremely low trading volume of TND 1.7 million. There were no block trades during the session, as reported by broker Tunisie Valeurs. UBCI shares were the best performers of the session. Despite the lack of transactions, the subsidiary of the CARTE group saw its share price rise by 3.9% to TND 23.900. SOTUMAG shares were among the session's top gainers. The stock of the wholesale market manager in Bir El Kassa rose by 2.4% to TND 5.640. Trading activity for the session amounted to TND 41.000. On the other hand, Assurances Maghrebia experienced the strongest correction of the session. Shares in Tunisia's third-largest insurer fell 3% to TND 47.500 on limited trading volume of TND 2,000. BNA shares were among the session's biggest losers. The stock of Tunisia's leading public bank lost 2.6% to TND 7.600. Trading volume for the session was a meagre TND 15,000. Still in the banking sector, BT shares experi enced a negative trajectory during the session. The shares of Tunisia's oldest bank fell by 0.6% to close at TND 5.310. As the most actively traded stock of the session, BT reached a trading volume of TND 288,000, representing 16% of the total market turnover. Source: Agence Tunis Afrique Presse