Tunisia's Economy: A Call to Action for Investment and Growth
At the closing of the 39th Enterprise Days, Tunisia is revealed to be a country rich in talent, ideas, and projects, but struggling with a crippling lack of productive investments and financing disconnected from the real economy. This harsh diagnosis comes from Fethi Zouhair Nouri, Governor of the Central Bank of Tunisia (BCT), who closed the 39th edition of the Enterprise Days organized by the Arab Institute of Business Leaders (IACE).
A Critical Situation
"Without deeply transforming our approach to productive investment, we will not get the country back on track," he emphasized, while outlining a horizon of confidence and sustainable recovery around seven priority areas.
Investment and Financing: A Critical Issue
The Governor criticized the national investment rate, which has been stuck at 16% of GDP, with only 58% coming from the private sector, deemed insufficient for sustainable growth. Between 2022 and 2024, short-term credits (treasury) exploded by +8.1%, compared to a meager +3.3% for medium and long-term loans. "This imbalance sacrifices structural projects for immediate needs," he continued.
The Private Sector: A Key Player
The private sector, trapped in a logic of survival and consolidation of acquired positions, also underutilizes credit lines for SMEs from foreign donors. "Let's break the fatalism of 'everything is difficult': the way out of the crisis lies in industry, services, agriculture, digital, green transition, and the knowledge economy," he insisted.
The Need for Action
In a context of technological, energy, and geopolitical disruptions, "not investing means falling behind," warned the Governor. He called on the audience: "How many export opportunities have been lost? How many talents have been exiled? How many ideas have been stifled by pessimism? Change is possible if we disrupt our practices together."
A Call to Action for All Stakeholders
The Governor made frank appeals to all actors:
- To entrepreneurs: adopt a new investment culture, convert savings and risks into productive assets (factories, digital, energy) and evaluate success by the portfolio of assets, not by the bank balance. Move from a "bank + own funds" duo to an expanded financial architecture: banks, funds, diaspora, platforms.
- To banks: despite risks, doubtful claims (NPL), and regulations, become "architects of development" through structured dialogue. Dare to finance innovation: your best assets are growing and repaying companies.
The Central Bank's Role
The BCT's pivot role is to preserve monetary stability (controlled inflation, stable dinar, improved sovereign rating). Ongoing modernizations include:
- EXOP platform for foreign exchange (October 2025)
- Imminent TRADIS
- Expanded ceilings for foreign studies
- Import/export deadlines extended to 120 days
- Support for bank liquidity (22% refinancing ratio) in the face of state tensions (debt service: 43 billion dinars over 2021-2025), without bypassing the private sector
A Tripartite Alliance for Action
"Let's move from defensive caution to dynamic caution," concluded Fethi Zouhair Nouri, calling for a new alliance: transparent and ambitious companies, bold banks, and an innovative BCT. His triptych: Entrepreneur - Project - Financing.
Concrete Objectives
The objectives are to:
- Boost the share of investment credits
- Multiply new financed projects
- Deploy venture capital, fintech, and green finance
- "Our country is not lacking in talent; it demands a collective surge for economic sovereignty, the dignity of work, and impeccable governance. We are ready. We count on you," he concluded.
