Third edition of FITA opens

The third edition of the International Conference on Financing Investment and Trade in Africa opened on Tuesday, with the participation of nearly 4 thousand companies, 35 African countries, 100 financial institutions and 60 renowned speakers.

President of the Tunisian-African Business Council (TABC), Bassem Loukil, said at the opening of the event that Tunisian banks are almost absent in Africa, especially in sub-Saharan countries which hinders the settling of Tunisian companies in this region.

Speaking to media, TABC president said that the virtual non-existence of Tunisian banks in Africa is due to the lack of a clear legal framework and political vision. He specified that the delay in the adoption of the bill amending the foreign exchange code and the absence of a shipping line between Tunisia and Africa are the main obstacles preventing the establishment of local businesses.

He also said that only the private sector has succeeded in securing a place in the African market, underlining that the number of Tunisian companies in Côte d’Ivoire has increased from 13 to 57 in the last three years. This is also the case of companies established in Senegal, since their number has increased from 3 to 15 companies.

Governor of the Central Bank of Tunisia (BCT), Marouane Abassi said that the BCT is striving to keep pace with the economic dynamics that the African continent is going through, by means of introducing measures aimed at easing exchange rate pressures that hamper transfers and financial transactions with the outside world.

He also noted that transfers for investments abroad will also be the focus of the reforms to set up by the BCT for the period 2020/2021. A liberalisation of guarantees relating to the coverage of management credits granted by foreign banks to subsidiaries of companies resident abroad is also planned.


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