Virtual labs startup PraxiLabs to enhance science education through 3D simulations

TUNISIA – PraxiLabs, a virtual labs startup, is working to provide people with equal opportunities to obtain an enhanced science education by providing 3D interactive virtual simulations that are safe, affordable and accessible anytime, anywhere, for educational institutions and students alike. Launched in 2016, PraxiLabs is an online learning platform providing interactive science labs for students, even enabling scientific experiments that are not doable in the real lab. “While a lot of educational areas have benefited and progressed through ed-tech, the labs situation remained “as is”. It is important to…

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Tunis based Vneuron completes second fundraising for expansion to new markets

TUNISIA – Vneuron, a Tunis-based company that specializes in software development and IT services, has just completed its second fundraising from Tunisian American Enterprise Fund (TAEF), to conquer new international markets. Tunisian American Enterprise Fund (TAEF) is fully a funded US$100 million fund, backed by the U.S. Agency for International Development (USAID) for a 10-year term after the fifth year. TAEF expects to actively invest through 2027, at which point it would begin a period of winding down through exits and dis-investments. Vneuron did not disclose the exact amount involved…

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Société Tunisienne de Banque appoints Mohamed Chouikha Managing Director

TUNISIA – Board of Directors of Société Tunisienne de Banque, a financial service provider, has appointed Mohamed Chouikha as the new Managing Director. Mohamed Chouikha replaces Ms. Néjia Gharbi, who had a short stint as CEO after the departure of Mr. Lotfi Debbabi in early September 2020. The new Director General, Mohamed Chouikha is known as a clerk of the State having made most of his career as chief of staff of the ministers of finance and health, in charge of mission at the high administrative and financial control committee…

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E-Signature startup NGSign raises US$544,000 from investment funds

TUNISIA – NGSign, Tunisia-based startup that facilitates the signing of electronic signatures, has announced it has raised 1.5 million dinars (US$544,000) from institutions and investment funds. The new funding will allow NGSign to consolidate its positioning in the Tunisian market and to develop to position itself as one of the leaders in electronic trust services in Africa and internationally. NGSign was founded in 2016 by Khadija Ferjani and Mohamed Ali Tarhouni, making it the first Tunisian online electronic signature platform. NGSign allows documents to be signed and signed in complete…

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Zenith Energy acquires Candax Energy shares in Ecumed Petroleum

TUNISIA – Zenith Energy, an international oil & gas production company, has announced that its newly incorporated fully owned subsidiary, Zenith Energy Africa Limited (ZEAL), has entered an agreement to buy Candax Energy Ltd’s unit Ecumed Petroleum Zarzis Ltd for US$150,000. Ecumed holds a 45% interest in the Ezzaouia concession oilfield asset in Tunisia. The oil & gas company with production, exploration and development assets in Africa and Italy said an additional US$100,000 will be satisfied through the issue of Zenith shares. A royalty of US$0.35 per barrel of hydrocarbons…

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Private equity firm INMA Holding acquires stake in education group Les Ecoles idéales

TUNISIA – INMA Holding, a private equity firm dedicated to Tunisian SMEs, has announced the acquisition of a strategic stake in the capital of the private primary and secondary education group Les Ecoles idéales. The financial details of the transaction have not been disclosed but Inma traditionally invests at least TND5 million (US$1.84 million) for each operation. This investment is the Tunisian private equity investor’s second commitment to the education sector in Tunisia and its first operation in 2021. The holding company established in July 2018 with an initial capital…

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Tunisia’s electricity provider STEG secures US$361m from EBRD to support its stability

TUNISIA – Société Tunisienne de l’Electricité et du Gaz (STEG), Tunisia’s electricity provider, has secured US$361 million (€300 million) financing from the European Bank for Reconstruction and Development (EBRD) to support its stability. The financing package is meant to support the stability of Tunisia’s energy sector during the COVID-19 pandemic in the medium term. It will allow STEG to implement an ambitious corporate and climate reform roadmap that would anchor the shift towards a more sustainable and efficiently run company. The financing package will be accompanied by a detailed roadmap…

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Tunisia secures US41.5bn from ITFC to increase trade flows and build trade capacity

TUNISIA – The International Islamic Trade Finance Corporation (ITFC), a member of the Islamic Development Bank (IsDB) Group, has signed a US$1.5 billion framework agreement with the Government of Tunisia aimed at supporting Tunisian State-owned companies to finance the importation of essential commodities such as energy and industrial products amongst others. The agreement will increase trade flows and build trade capacity within the Republic as well as to access trade development programs to drive exports and promote inter-regional trade with other Arab and African countries. Under the agreement, signed by…

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STEG secures US$359m from EBRD to support the stability of Tunisia’s energy sector

TUNISIA – The European Bank for Reconstruction and Development (EBRD) provided a €300 million (US$359.89m) financing package to the Tunisian Electricity and Gas Company (STEG). The loan will support the stability of Tunisia’s energy sector during the coronavirus pandemic in the medium term, EBRD said in a statement. It will enable STEG to implement an ambitious corporate and climate reform roadmap that would anchor the shift towards a more sustainable and efficiently run company. The loan agreement was signed in Tunis between STEG’s CEO, Hichem Anane, and EBRD’s head of…

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Attijari Bank secures funding from EBRD to strengthen access to finance for MSMEs

TUNISIA – The European Bank for Reconstruction and Development (EBRD) has announced in a press release its plan to strengthen access to finance for Tunisian micro, small and medium-sized enterprises (MSMEs). The Bank is providing Attijari Bank of Tunisia with an unfunded risk-sharing guarantee of 50 per cent on a loan to Enda Tamweel, the leading microfinance institution in the country. Under the EBRD’s Risk Sharing Framework (RSF), Attijari Bank of Tunisia is extending a loan of up to TND20 million (US$7.33m) to Enda Tamweel for on-lending to local MSMEs…

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