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Tunisian Banks Embark on New Compliance Chapter: World Bank Group Unveils Five-Year Partnership Framework

Tunis, June 15, 2023

The World Bank Group has announced a new five-year Country Partnership Framework (CPF) with Tunisia, aimed at supporting the country’s development plan to boost its economy and improve living standards.

Key Objectives of the CPF

The CPF builds on Tunisia’s 2023-25 development plan and focuses on three high-level outcomes:

  • Creating Quality Jobs in the Private Sector: The partnership aims to create a favorable business environment, stimulate entrepreneurship, and promote innovation.
  • Strengthening Human Capital: This outcome focuses on improving education, healthcare, and social protection systems to enhance human development and well-being.
  • Improving Resilience to Climate Change: The CPF will help Tunisia adapt to climate change by investing in sustainable infrastructure, green economy, and natural resource management.

Cross-Cutting Themes

The partnership also places a spotlight on gender equality and accountability, with a goal of integrating these cross-cutting themes across programs. This includes promoting women’s economic empowerment, improving access to education and healthcare for marginalized groups, and enhancing transparency and accountability in government institutions.

Implementation Partners

The CPF will be implemented jointly by the World Bank, the International Finance Corporation (IFC), and the Multilateral Investment Guarantee Agency (MIGA). An annual allocation of around $400-$500 million over five years is set aside for the initiative, along with investments from the IFC and guarantees from MIGA.

Compliance and Sustainability

Compliance with environmental and social requirements will remain a top priority during the CPF’s implementation. The World Bank Group has committed to upholding its strict standards in areas such as human rights, labor practices, and environmental sustainability.

Launch Event

The launch event for the CPF is planned to take place in Tunisia, bringing together stakeholders from various sectors to discuss key priorities and engage in dialogue on migration. The event will also feature a presentation of the World Bank’s new report on migration, refugees, and societies.

Industry Observers Welcome the Move

Industry observers have welcomed the move, citing the importance of cooperation between international organizations and national governments in promoting sustainable development and economic growth.