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The European Union (EU) and Tunisia have signed the Memorandum of Understanding and the Loan Facility Agreement related to the 300 million euros (388 million U. S. dollars) Macro-Financial Assistance (MFA) package for Tunisia, the EU said Thursday.
The financial assistance, in the form of a medium-term loan, will be provided during the course of 2014 and 2015 in three equal installments of 100 million euros each, an EU statement said.
The assistance is designed to help Tunisia move forward with its planned economic reforms while also underpinning its political reform efforts.
MFA is an exceptional EU crisis response instrument available to the EU's neighboring partner countries. This operation is complementary to assistance provided by the International Monetary Fund. MFA loans are financed through EU borrowing on capital markets. The funds are then on-lent with similar financial terms to the beneficiary countries.
