Posted by: Agence Tunis Afrique Presse
A Memorandum of Understanding expressing the commitment of the Netherlands and the World Bank (WB) Group to support the Tunisian Government, within the framework of the G20 programme for the Compact With Africa, to undertake a coordinated programme of reforms to increase domestic and foreign investments in Tunisia, was signed on Monday by Minister for Development Cooperation and Foreign Trade of the Netherlands Sigrid Kaag and Bank Group Tunisia Country Manager Tony Verheijen said the World Bank in a statement.
The Compact with Africa (CwA), created in 2017, sets up a structured partnership between volunteering African countries and the G-20, in which the partner countries commit to measures that open their economies to external investment, and the G-20 countries promote the partner countries as investment destinations to their private sector. This will allow partner countries to close the large investment gap they are facing, notably in infrastructure. So far ten African countries have joined the initiative — Tunisia, Morocco, Senegal, Cote d’Ivoire, Ghana, Ethiopia, Rwanda, Egypt, Benin and Guinea, according to the WB.
The G-20 have asked the African Development Bank (AfDB), the International Monetary Fund (IMF) and the World Bank (WB) Group to assist the partner countries in drawing up matrices of policy actions to help attract external investment as well as to provide advisory support, including on the development of country investment marketing tools. Several G-20 member-countries are also providing technical assistance and advisory support to the partner countries, the statement reads.
The G20 Compact with Africa for Tunisia promotes a comprehensive reform agenda covering the business environment, financial markets and macro-economic policies. The process also constitutes an effective vehicle for coordinating support and reform priorities between the Government of Tunisia and its partners.
Consistent with their respective mandates, the Signatories desire to collaborate in carrying out activities to support reforms to improve its economic, business, and financial climate, as well as their governance. The ultimate objective being the creation of a conducive environment for the economic development of the country, through increased domestic and foreign investment and the promotion of Export of goods and services to European and global markets.