TUNIS - The National Constituent Assembly (NCA) adopted, on Monday, in a plenary session, six draft laws providing for the increase over a five-year period (as of 2014) of Tunisia's participation in the capital of Arab Financial Institutions by 68 million Tunisian dinars (MTD).
The draft law n°26-2014 authorises the state to subscribe in the increase of the capital of the Arab Investment Company, with an amount worth ê 2.992 million (4.977 MTD), to be paid over five annual installments as of April 2014.
The amount of each installment to be paid is estimated at ê 11.9 million (19.8 MTD).
The second draft law n° 27-2014 concerns the authorisation to the state to subscribe to the increase of the capital of the Arab Investment and Export Guarantee Corporation, for 625,000 Kuwaiti dinars (some 3,676.69 dinars), paid over five annual installments as of April 1, 2014.
The third draft law n°28-2014 also concerns the authorisation to the state to subscribe to the increase of the capital of the Arab Fund for Economic and Social Development (AFESD), for an amount of 4.645 million Kuwaiti dinars, (27.404 MTD), to be paid over five years in five annual installments as of April 1, 2014 (the value of one installment is of 929,000 Kuwaiti dinars, i.e. 5,835 MTD)
Tunisia's participation in the AFESD capital presently stands at 18,581 million Kuwaiti dinars (109, 615 MTD). The National Constituent Assembly (NCA) also adopted, a fourth draft law n°29-2014 related to the authorisation of the state to the subscription in the increase of the capital of the Arab Bank for Economic Development in Africa (BADEA).
The amount scheduled for the subscription is about $5.945, 767 (9.890 MTD) to be paid over five annual installments as of April 2014.
The fifth draft law is related to the authorisation of the state to the subscription in the increase of the capital of the Arab Authority for Agricultural Investment and Development for 80,000 Kuwaiti dinars (470,000 Tunisian dinars), to be paid over five annual installments as of January 2014.
The sixth draft law adopted by the NCA concerns the draft law n° 31-2014 related to the increase of the share of the Tunisian republic in the Arab Monetary Fund for 3.212 Arab Accounting dinars (24.093,75 dinars), paid over five annual installments as of April 1, 2014. Article 2 of the draft law stipulates that the Central Bank of Tunisia (TCB) is entrusted with increasing the Tunisian installment.
The increase of the capital of these Arab Financial Institutions, of 50% at least, is part of the decision of the 3rd Arab Economic and Social Summit held in January 21-22, 2013 in Riyadh, Saudi Arabia.
© Tunis-Afrique Presse 2014
