Tunisian Parliament Approves $206 Million Saudi Credit Facility for Phosphate Transport Project
The Tunisian People's Representatives Assembly (ARP) adopted a bill on Wednesday, June 12, 2024, approving a $206 million credit facility agreement signed on February 22, 2024, between Tunisia and the Saudi Fund for Development (SFD).
According to a statement published on the ARP's Facebook page, the funding will be used to co-finance a phosphate transport railway renovation project, led by the Tunisian National Railway Company (Sncft). The project aims to increase phosphate transportation capacity, optimize costs, and enhance the financial situation of companies operating in the sector, ultimately contributing to the national economy's revival.
The project will also enable the exploitation of new phosphate transport wagons, with a capacity of 3,200 tons, and promote regional development, creating direct and indirect jobs.
The total project cost amounts to 521 million dinars, covering a portion of the phosphate transport network in southern Tunisia, spanning the governorates of Sfax (line 17), Gafsa (lines 14 and 21), and Gabès (lines 5 and 21).
Finally, the ARP's published bill mentions that Tunisia will actively work on securing new credits from the Abu Dhabi Fund for Development and the Kuwait Fund for Economic Development.