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Tunisia – Proparco backs Enda Tamweel

 In news

Proparco has acquired an equity stake worth €5.9m in Enda Tamweel, a microfinance institution in Tunisia.

This participation is part of the microfinance institution’s reserved capital increase amounting to a total amount of 72m dinars (about €24.3m) in which five other international investors participated, including the Belgian Investment Company for Developing Countries (BIO).

This operation will enable Enda Tamweel to serve a greater number of microentrepreneurs in Tunisia via micro-credit, in particular women and rural populations, and thus to contribute to the financial inclusion of populations excluded from the traditional financial system.

This investment therefore contributes to supporting and creating jobs, reducing inequality and promoting gender equality in the country.

This is Proparco’s second operation with the microfinance institution after granting a loan in local currency equivalent to €8m in 2016 to support Enda Tamweel in the development of its activities.

This loan was accompanied by the co-financing of technical assistance to support the microfinance institution in the definition and deployment of its “gender” strategy, aimed at promoting women’s access to micro-credit.

This entry into Enda Tamweel’s capital is also in line with the implementation of the initiative to support youth and entrepreneurship announced by the President of the French Republic Emmanuel Macron during his state visit to Tunisia this year.

Microfinance, which is booming in Tunisia, plays an essential role in the financial inclusion of marginalized populations, the fight against poverty and job creation.

Enda Tamweel, a pioneering microfinance NGO in Tunisia, is still the country’s leading microfinance institution today.

Since 1995, Enda Tamweel has granted more than 2.8 million micro-credits to 730,000 micro-entrepreneurs.

It currently serves 337,000 microentrepreneurs, mainly women, both urban and rural.

Enda Tamweel also has close to 1,700 employees across the country. Source : Africa Global Funds

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