I- Reinforcement of the capital base

1-Sicars:

The companies of investment with risk capital (Sicars) have as object the participation on their own account or on behalf of third parties in the reinforcement of the capital base of the companies, specially the companies created by the new developer and the companies established in the regional development zones.
The companies of investment are divided into three main categories:

• Sicars relating to the financial institutions
• Regional sicars
• Sicars groups

For further information, visit the website of the Tunisia Association of the capital investors.
www.atic.org.tn

2- Risk Mutual Fund

Risk Mutual Funds are mutual equity funds in transferable securities which aim to participate in the own funds of the companies and this is on behalf of the holders of the units and for the purpose of their retrocession.

3-Tunisian Fund of investment:

The Tunisian Fund of Investment, created by the Law No. 2016-71 of September 30, 2016 about the investment law, is an incorporated public body with administrative and financial autonomy. It manages its financial resources taking into account development priorities in the field of investment.

Its interventions include:

• The unlocking of investment bonuses
• Subscription to the risk mutual fund , venture capital funds and the seed
  funds in a direct or indirect way.
• Participation to the enterprises’ capital.

II-Credit mechanism:

1- Tunisian Bank of Solidarity

The BTS is a public bank specialized in the financing of small projects, created in 1997, it is mainly intended for young graduates of higher education or vocational training.
The BTS is at the service of entrepreneurship through a wide range of financial products and services it grants:

• Investment credits for up to 100,000 dinars and up to 150,000 dinars for graduates
  of higher education
• Management loans (financing of the working capital requirements, credit of agricultural companies, financing of public markets ...)

www.bts.com.tn

2- Bank of Small and Medium Enterprises (BFPME)

BFPME is a public bank created in March 2005, it intervenes for the financing of:

• Creation of SMEs for which total investment cost is between 100.000 DT and 10 millions DT.
• The extension of existing and financially sound SMEs whose projected investments are between 100,000 and 10 million TD.

The BFPME intervenes exclusively in co-financing, but keeps the possibility of financing the totality of the credit requested when the company certifies more than three years of existence.
The BFPME does not intervene for the financing of:

• Exploitation
• Projects promoted by physical persons
• Acquisition of land
• Tourism in case the accommodation part is predominant
• Real estate development for residential purposes

www.bfpme.com.tn

3-Micro-Finance Institutions:

MFIs are financing institutions for small project whose credit does not exceed 20,000 TD. Microcredits are granted to finance any income-generating and job-creating activity.
Institutions are supervised by the authority of microfinance (AMF).

www.amf.gov.tn

4- Commercial Banks:

There are 21 banks in Tunisia (11 of which are listed on the BVMT(Tunis Stock Exchange)), which have a large network of 1301 agencies, all of them combined, 3 of which are respectively specialized in micro-finance, financing of small and medium-sized enterprises and Islamic finance.
Banks are classified into three categories:

• Banks with strong participation from the State
• Banks with private Tunisian capital
• Banks with a foreign majority

These banks can grant investment loans to companies and new entrepreneurs.
For more information, consult the website of the Tunisian Professional Association of Banks and financial institutions (APTBEF).
www.apbt.org.tn