Regulatory Alerts2024-06-19
Circular to Banks No. 2024-09 of June 19, 2024
The Governor of the Central Bank of Tunisia issued Circular No. 2024-09 to revise the credit schedules and maturity terms for aquaculture financing under Circular No. 87-47. The directive repeals Annex No. 4 TER and updates paragraph "j" of Annex I, establishing specific ceiling limits for tilapia farming, hatcheries, cage fish, and shellfish operations based on projected expenses and yields. Banks must now adjust disbursed credit amounts to these revised thresholds, with repayment terms set at 12 months for tilapia and hatcheries, and 24 months for cage fish and shellfish projects.
Tunis, June 19, 2024 CIRCULAR TO BANKS NO. 2024-09 OBJECT: Revision of the aquaculture credit schedules.
The Governor of the Central Bank of Tunisia, Having regard to Law No. 2016-35 of April 25, 2016 establishing the status of the Central Bank of Tunisia; Having regard to Law No. 2016-48 of July 11, 2016 on banks and financial institutions; Having regard to Circular No. 87-47 of December 23, 1987 on the procedures for granting, monitoring, and refinancing of credits, as amended by subsequent texts; Having regard to Opinion No. 09 of the Compliance Control Committee dated June 18, 2024, as provided for in Article 42 of Law No. 2016-35, particularly its second paragraph regarding circulars with an urgent character.
Decides: Article 1: Annex No. 4 TER to the aforementioned Circular No. 87-47 is repealed and replaced by the annex to this circular. Article 2: The provisions of paragraph "j" regarding the aquaculture credit schedules appearing in Annex I to the aforementioned Circular No. 87-47, concerning the schedules and terms of seasonal crop credits, are modified as follows:
- This schedule constitutes a ceiling. The amount of credit disbursed must be adjusted based on the expenses to be incurred and the yields achieved.
THE GOVERNOR Fethi Zouhair NOURI
| Speculation | Project production capacity | Intervention schedule (in thousands of dinars)* | Term (in months) |
|---|---|---|---|
| j/ Aquaculture | ❖ Tilapia farming (10 tonnes) | • Fry purchase: 11<br>• Rearing and insurance costs: 44 | 12<br>12 |
| ❖ Hatchery with pre-growing unit for 5g fry (20 million fry) | • Rearing and insurance costs: 9800 | 12 |
ANNEX NO. 4 TER (new) to Circular No. 09 of June 19, 2024 SCHEDULE AND TERMS OF MEDIUM-TERM CREDITS FINANCING AQUACULTURE
- This schedule constitutes a ceiling. The amount of credit disbursed must be adjusted based on the expenses to be incurred and the yields achieved.
| Speculation | Project production capacity | Intervention schedule (in thousands of dinars)* | Term (in months) |
|---|---|---|---|
| ❖ Cage fish farming (1000 tonnes) | • Fry purchase: 2140<br>• Rearing and insurance costs: 10500 | 24<br>24 | |
| ❖ Shellfish farming (100 tonnes) | - Oyster<br>• Fry purchase: 70<br>• Rearing and insurance costs: 266 | 24<br>24 | |
| - Mussel<br>• Fry purchase: 105<br>• Rearing and insurance costs: 266 | 24<br>24 |