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Germany grants €25 million to VSMEs

Tunisia and Germany, on Wednesday, signed a €25-million financial grant for very small and micro enterprises (VSMEs).

The agreement is part of participation in the guarantee fund for the support of small and medium-sized enterprises in the face of economic crises, particularly the COVID-19 pandemic through the VSMEs II programme,

The signing ceremony, which was chaired by Minister of Foreign Affairs, Migration and Tunisians Abroad Othmane Jerandi, was attended by German Ambassador to Tunisia Peter Prügel.

Members of the Tunisian and German delegations participating in the negotiation meeting on Tunisian-German financial and technical cooperation held Wednesday in Tunis were also present at the ceremony.

The minister commended “the strong ties between the two countries over the past 10 years” as well as "Germany’s continued support for the democratic transition process in Tunisia".

He emphasised the need to continue consultations so as to boost bilateral cooperation of friendship and cooperation between the two countries in the various political, diplomatic and economic fields.

The German Development Bank (KFW)-funded VSMEs II programme spanning 2019/2023 provides seven partner financial institutions (four banks and three leasing companies) with a line of credit of €140 million to promote access to financing for very small and microenterprises.

VSMEs are defined as companies with less than 200 employees and a turnover of less than 10 million dinars.

 


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