The Saudi Development Bank has lent Tunisia TND 230mn (USD 150mn) to help build 20,000 affordable housing units, state news agency TAP reported. The 20-year facility holds a five-year grace period.
The first phase includes constructing 4,000 residential units in seven provinces including Ariana, Ben Arous, Nabeul, Zaghouan, Manouba, Sousse and Jendouba. The second phase reportedly implies building 16,000 housing units in other governorates.
Strong local demand for affordable housing is boosting the construction sectors’ output and related contribution to Tunisia’s GDP growth. Construction output also helped offset falling agriculture output, which cut the GDP growth to 2.7% y/y in Q1 from 4.0% in Q4 2012.
Strong manufacturing activity, mainly food processing, textiles and construction, also helped Tunisia's industrial production grow 2.2% y/y in January-March 2013.
Turkish President Recep Tayyip Erdogan has warned the Iraqi Kurds that it is in their interests to call off their planned September 25 independence referendum because it “may lead to a process that ... more
Russia’s Rosneft is exploring the possibility of building a 30bn cubic metre (bcm) pipeline that would from 2020 deliver natural gas supplies from the Iraqi Kurdistan region to Turkey and ... more
An image of a ‘Produced in Iran’ fruit juice brand aboard a Qatar Airways flight might not appear at all exciting but to Iranians discussing the trade opportunities generated for the Islamic ... more