France to lend Tunisia 135 million euros to finance projects — premier

France to lend Tunisia 135 million euros to finance projects — premier
French Prime Minister Bernard Cazeneuve, left, talks to Prime Minister of Libya Fayez Al-Sarraj at the French embassy in Tunis, Tunisia. (AP Photo/Hassene Dridi)
Updated 07 April 2017

France to lend Tunisia 135 million euros to finance projects — premier

France to lend Tunisia 135 million euros to finance projects — premier

TUNIS: France has agreed to lend Tunisia 135 million euros ($143 million) to finance two infrastructure projects, Tunisia’s prime minister said on Friday.
“France will finance two projects, the first worth 60 million euros and another with 75 million euros,” Prime Minister Youssef Chahed said at a news conference with French Prime Minister Bernard Cazeneuve in Tunis.
The French Development Agency (AFD) will finance a project to expand the potable water network and will fund a metro project.
France, one of Tunisia’s biggest economic partners, will also convert 35 million euros of debt into investment after an operation last year to convert Tunisian debt worth 60 million euros, the French Prime Minister said.
Cazeneuve said France would continue to support Tunisia after it launched “courageous economic reforms” and called on foreign tourists to visit Tunisia to help revive an economy struggling after deadly attacks on tourists in 2015 by Islamist militants.
The North African country has been lauded as the only political success story of the Arab Spring for its democratic transition. But it has made slow progress on economic reform to curb public spending and deficits.


China was largest recipient of FDI in 2020 — Report

China was largest recipient of FDI in 2020 — Report
Updated 19 min 22 sec ago

China was largest recipient of FDI in 2020 — Report

China was largest recipient of FDI in 2020 — Report
China was the largest recipient of foreign direct investment in 2020 as the coronavirus outbreak spread across the world during the course of the year, with the Chinese economy having brought in $163 billion in inflows.
China’s $163 billion in inflows last year, compared to $134 billion attracted by the United States, the United Nations Conference on Trade and Development (UNCTAD) said in a report released on Sunday.
In 2019, the United States had received $251 billion in inflows and China received $140 billion.
China’s economy picked up speed in the fourth quarter, with growth beating expectations as it ended a rough coronavirus-striken 2020 in remarkably good shape and remained poised to expand further this year even as the global pandemic rages unabated.
China’s gross domestic product grew 2.3% in 2020, official data showed last week, making China the only major economy in the world to avoid a contraction last year.
The world’s second-largest economy has surprised many with the speed of its recovery from the coronavirus jolt, especially as policymakers have also had to navigate tense US-China relations on trade and other fronts.
Overall, global FDI had collapsed in 2020, falling by 42% to an estimated $859 billion, from $1.5 trillion in 2019, according to the UNCTAD report.
“FDI finished 2020 more than 30% below the trough after the global financial crisis in 2009,” the UNCTAD said on Sunday.
FDI flows fell by 37% in Latin American and the Caribbean, by 18% in Africa, and by 4% in developing Asia, the report added.
East Asia accounted for a third of global FDI in 2020, while FDI flows to developed countries fell by 69%.