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World Bank announces $500M loan for Tunisia
Tuesday - 11/27/2012, 3:46pm EST
RABAT, Morocco (AP) - The World Bank has announced a half billion dollar loan to Tunisia to support economic reforms to improve the North African country's investment climate.
The bank's statement late Tuesday said the loan "sends a clear signal" about the global financial institutions efforts to support Tunisia as it makes a transition to democracy.
Tunisians overthrew their dictator in January 2011, sparking off region-wide pro-democracy uprisings.
The loan will support reforms to remove red tape for investments, improved financial sector regulation, training programs for youth and increased government transparency.
Tunisia's economy shrank by 2 percent in 2011 after the uprising and is only recovering slowly, plagued by severe unemployment.
(Copyright 2012 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)