SNI IV (DFC)

closed

The Fourth Societe Nationale d'Investissement Project follows the terms and conditions of recent Bank loans to other development finance companies, including the standard commitment charge. The free limit above which Bank approval of a project is required, would be maintained at $200,000. The aggregate free limit would be $2.5 million. The debt limit as defined in the previous loan agreement would also be retained. The financing of public sector enterprises would not exceed 25 percent of the amount of the proposed loan without the agreement of the Bank. SNI is, with the Bank Group's assistance, continuing its important role in the Tunisian economy. It has recently experienced difficulties in its organization and staff, but the remedial measures which are being introduced should enable the Company to cope effectively with the growing tasks ahead. SNI is creditworthy for the additional financing proposed.