Islamic Development Bank offers Tunisia $1.2bn in credits

Tunisia and the Islamic Development Bank (IDB) signed here on Thursday a Memorandum of Understanding (MoU) on strategic partnership by virtue of which the bank will offer credits to the North Africa country amounting to USD 1.2 billion. The document was signed by Tunisian Interim Prime Minister Ali Larayedh and Chairman of IDB Group Ahmad Mahmoud Ali in the presence of Tunisian Minister of Development and International Cooperation Lamine Doghri. Under the accruement the IDB undertakes to provide USD 150 million for Tunisia to issue 'sokuk' (Islamic Sharia-compliant bonds) in collaboration with the Ministry of Development and International Cooperation and the Ministry of Finance. The bank also set aside USD 12 million for the launching of Islamic financial instruments in Tunisia, a government source said.