The Tunisian Government announced on Wednesday it would create a BIS Industrial Steel Investment Fund to be managed by the International Monetary Fund.
The project will be managed and financed by the Tunisian State, the Tunisi Economy Minister, Mohamed Ben Ali, said in a statement.
Tunisia’s steel industry has seen a significant decline in recent years, as a result of a series of strikes that have resulted in the closure of dozens of plants and a shutdown of hundreds of steel mills.
The economic downturn has led to a decline in the steel industry’s production.
The Tunisian Investment Bank will provide the capital needed to develop the investment fund, according to the Minister.
The project will generate more than €2 billion ($2.3 billion) for the Tunis Industrial Steel Industry, the Minister added.
It is estimated that the investment in the Bisti-Steel Investment Fund could create more than 300,000 jobs and create over a billion euros in investment.TUNIS, May 16 (Reuters) – The Tunis Industrial Industry Investment Fund (BISIF) will be created, the Tunisia Government announced, in the first step in a plan to revive Tunisia’s steel sector.
The BISIF will create a central mechanism to facilitate the creation of a new industry, according a statement released by the Minister of Economy and Finance, Mohamed Abdel-Karim.
The mechanism will be responsible for overseeing the establishment of a sustainable and sustainable steel industry that will provide Tunisia with its future economic needs, according the statement.
The Tunisia Steel Industry Investment Facility will create an industry of around 40,000 employees, which will be funded by the European Union and the United States, the statement said.
Tutu’s Steel Industry is one of Tunisia’s most successful and sustainable industries, providing a source of jobs and investment in its economy.