Wind turbine farm Tunisia. Photo: © Dana Smillie / World Bank
IFC launched its Tunisia Integrated Environmental, Social, and Governance Project in 2023. The project includes interventions at the regulatory, market, and firm levels.
In the framework of the regulatory support, IFC peer reviewed the ESG Reporting Guide published by the Tunis Stock Exchange in 2021. The project aims to provide support to the development of Tunisia’s Sustainable Finance Road Map and a scorecard for analyzing environmental, social, and governance (ESG) reports, and build the capacities of the Tunis Stock Exchange.
The project intends to organize public awareness events on various ESG topics for banks and companies in the agribusiness and manufacturing sectors, possibly jointly with the Banking Association (Conseil Bancaire et Financier – CBF), the Arab Institute of Business Leaders (Institut Arabe des Chefs d’Entreprise), the Tunisian Institute of Directors (Institut Tunisien des Administrateurs), and Honoris United Universities, hosting the Tunisian Women on Boards Observatory. Additionally, the project will develop two studies: one on ESG practices of Tunisian companies in the agribusiness and manufacturing sectors, and another on women on boards and in key leadership positions in Tunisia (together with the Tunisian Women on Boards Observatory). The project will also build the capacities of the Tunisian Institute of Directors.
The project will engage with IFC clients in the financial, agribusiness, and manufacturing sectors to help them improve their ESG practices.
The current project continues the support provided in the framework of the previous IFC Corporate Governance Maghreb Project (2012–16) that achieved results, which included the following:
Regulatory level: the Maghreb Project assisted in developing the revised version of the Tunisia Corporate Governance Code and Tunisia Corporate Governance Guidelines for state-owned enterprises together with the Arab Institute of Business Leaders.
Market level: the Maghreb Project partnered with the Tunisia Corporate Governance Center of the Arab Institute of Business Leaders and helped design training projects and materials and built the capacity of a cohort of trainers, leveraging IFC's flagship knowledge management tools to develop materials contextualized for Tunisia.
Firm level: IFC partnered with the Arab Institute of Business Leaders to improve firm-level corporate governance practices, focusing on awareness raising and reaching a broad range of firms, from listed companies to small and medium enterprises.
This project is implemented in partnership with the Switzerland State Secretariat for Economic Affairs (SECO).