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BMICE participates in Murabaha financing to boost Tunisia's energy capacity

Tunis, February 26, 2018- The Maghreb Bank of Investment and Foreign Trade (BMICE) has made its first loan of US $ 10 million to the Tunisian Electricity and Gas Company (STEG). The transaction is part of a $ 116 million syndicated Islamic financing agreement (Murabaha) involving a pool of donors including the International Islamic Trade Finance Corporation (ITFC), a member of the Islamic Development Bank Group (IsDB), acting as the lead.

The agreement, guaranteed by the Tunisian Government, is for the import of hydrocarbons from neighboring Algeria to cover Tunisia's gas needs and will boost the development of intra-Maghreb trade.

Highlighting the importance of this partnership, BMICE Managing Director Noureddine Zekri said that the energy sector is a pillar for the growth of Maghreb economies.

This syndicated agreement is in line with BMICE's strategy to promote intra-Maghreb trade as a necessary condition for inclusive and sustainable growth in the region.