(MENAFN - Kuwait News Agency (KUNA)) The Islamic Development Bank Group (IDB) and the Tunisian government signed here on Friday two agreements under which the bank will offer loans worth 350 million Tunisian dinars (some 176 million Euros) to Tunisia.
The funds will be channeled to the development of the electricity sector, and vocational training and employment sector.
The first agreement involves EUR 155.16 million which will be used to finance the launching of a power generating station with a capacity of 400 megawatts in Sousse province on the eastern coast of Tunisia.
It was signed by IDB Chairman Dr. Ahmed Mohammad Ali and Tunisian Minister of Investment and International Cooperation Riadh Bettaieb in the presence of Prime Minister Hamadi Jebali.
Under the second deal the IDB will offer USD 47 million for Tunisia to cover the costs of the vocational training program and build the capacity of the new graduates. The program targets 7,000 trainees, 207 trainers and 50 supervisors.
Speaking to reporters at the signing ceremony, the IDB Chairman pledged that his bank will continue its role in helping the Tunisian economy through financial and technical assistances.
"The Bank has so far offered Tunisia a total of USD 2.2 billion in funds for the development projects," Dr. Ali pointed out.
He added that the Bank prioritizes economic and cultural cooperation with Tunisia and the other African countries.
Meanwhile, Bettaieb hailed as "fruitful the cooperation between his government and the IDB in such areas as infrastructure, energy, agriculture, potable water, environment protection, health, education and rural development.