Roads and Tracts Project in Tunisia
A loan agreement for KD 40 million was signed in Tunisia on the 8th of April 2014 to help finance the Regional Roads and Rural Tracts (Phase III) Project in the Republic of Tunisia.
The loan agreement was signed by H.E. Mr. Hakim Ben Hammouda Hammouda, Minister of Economy and Finance, on behalf of the Government of the Republic of Tunisia. H.E. Mr. Abdlatif Yousef Al Hamad, Director General/Chairman of the Board of Directors of the Arab Fund, signed the loan agreement on behalf of the Fund.
The project aims at contributing to the improvement of road transport services on the roads in a number of states in the Republic of Tunisia, and at securing the safety of traffic on them. It also aims at establishing links between the production and consumption areas. This will be achieved by raising the efficiency of the classified regional roads and the establishment of a group of rural tracts.
The project includes the following key elements:
1 - Development of the Regional Road Network
2 - Establishment of Rural Tracts
3 - Technical Services
The loan will carry interest at 3% per annum and will be repayable over 22 years with a 5 year grace period.
The Ministry of Equipment, Land Planning and Sustainable Development will be the beneficiary of the loan, and will be responsible for implementing the project, which is expected to be completed in the fourth quarter of 2016.
With the signing of this loan, the Arab Fund's total contribution to financing projects in the Republic of Tunisia now amounts to KD 735.78 million.