Tunisia - The World Bank Board of Directors approved $268.4 million (TND 825,73 million) in financing for the Tunisia-Italy interconnector (ELMED) project.

The latter will link energy grids between the country and Europe and support renewable energy trade, the bank said in statement.

A loan agreement was signed Thursday by Minister of Economy and Planning Samir Saied and World Bank Country Manager for Tunisia Alexandre Arrobbio.

The project will support the development of the renewable energy market which is essential to Tunisia's sustainable development and its strategy to fight climate change.

Arrobbio said at a high-level meeting to launch the 2023/27 Country Partnership Framework (CPF) ELMED is the first project of the World Bank carried out under the new CPF.
Support for the government's energy strategy 2035, which is designed to secure a 35% share of renewables in total electricity consumption, is one of the bank's priorities as part of the implementation of the new framework.
Funding, the WB official said, will cover a part of general investments to build a main converter station and associated substations in Tunisia and help establish interconnection.
The technical assistance proposed by the WB group includes assistance to set up an excellence centre for renewables which will help Tunisia position itself as a training centre for renewable energy projects in North Africa.

ELMED project is also supported by the Italian government, the EU, the European Bank for Reconstruction and Development, the European Investment Bank and the German KfW Development Bank.

An additional financing includes 25 million dollars in concessional funds of the Green Climate Fund leveraged under the Sustainable Renewables Risk Mitigation Initiative, the country manager further said.

The World Bank Group announced a new five-year Country Partnership Framework (CPF) with Tunisia that supports the government's development plan to expand the economy to benefit all, create quality jobs, and boost resilience to climate change.

The strategy was discussed with the Board of Directors and provides direction for the Bank Group to continue playing its role as a long-term partner of the country and its people.

The new CPF builds on Tunisia's 2023-25 development plan, the Tunisia Vision 2035 plan, the World Bank's Systematic Country Diagnostic as well as its forthcoming Country Climate and Development Report for Tunisia.

The CPF contains three high-level outcomes: quality jobs created by the private sector; strengthened human capital; and improved resilience to climate change and reduced carbon emissions.

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