Tunisia ministry of industry, energy

2.5. Synthesis.

44. These data i) underline the perception that the problems of financing of Tunisian companies and of SMEs are structural and ii) show, in addition, that in the short term, firms do not appear to be expecting any improvements. Despite a fairly sophisticated financing system, it seems that firms’ needs are not being fully met. These needs may be grouped into two categories.

46. In 2008, the Tunisian financial system included 20 deposit banks, 14 other financial institutions (leasing and factoring companies and investment banks), 8 off-shore banks and 11 representative offices of foreign banks. All these institutions come under the jurisdiction of the Central Bank of Tunisia (BCT, Diagram A. 2). There is also a stock exchange (BVMT - Bourse des Valeurs Mobilières de Tunis), a newly established second market (marché alternatif), investment funds and other entities, all of which are regulated by the CMF.

47. As in most countries in the MENA region, the banking system is the most important component of the financial system. It is the most important source of external funding for firms. It provided about 73 percent of credits to the economy in 2007-2008. In that same period, banks collected a gross domestic saving estimated at roughly 22 percent of GDP and their assets amounted to roughly 64.5 percent of GDP (Chart 16). 48. Non-bank funding sources (leasing/ factoring, SICARs, stock market/ alternative market) are still a little undeveloped in Tunisia and contribute to a relatively small amount of firms external funding. In 2007, these sources accounted for about 8 per cent of GFCF (World Bank 2009a).

Chart 16. Bank assets. (Pct. of GDP, average 2003-2006) Source: World Bank Database on Financial Structure.

49. The main components of the financial system that play a role in SME financing are now being analyzed.