Tunis – The European Union has approved a 500 million euro ($570 million) loan to help Tunisia address economic challenges and bolster its democratic processes, the bloc said on Thursday.
Tunisia’s transition to democracy has been hailed as the success story of the 2011 Arab Spring revolts but economic development has floundered since the fall of autocrat Zine El-Abidine Ben Ali.
“A plan to lend Tunisia 500 million euros on favourable terms to help it reduce its external debt and consolidate its democratic mechanisms was backed by MEPs on Wednesday,” the European Parliament said.
Last month the International Monetary Fund approved a $2.88 billion four-year loan programme for Tunisia to support economic and financial reforms. (Reuters/NAN)