Support to the Central Bank of Tunisia in the adoption and implementation of IFRS in the financial sector (EBRD-13072)

Countries
  • Tunisia
Where the impacts of the investment may be experienced.
Financial Institutions
  • European Bank for Reconstruction and Development (EBRD)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Project Status
Approved
Bank Risk Rating
U
Risk rating varies among banks and may refer only to the particular investment and not to the risk for the project as a whole. Projects marked 'U' have an 'Unknown' risk rating at the time of disclosure.
Borrower
Central Bank of Tunisia
The holder of the loan, grant, or other investment.
Sectors
  • Finance
  • Technical Cooperation
The service or industry focus of the investment. A project can have several sectors.
Investment Type(s)
Advisory Services
The categories of the bank investment: loan, grant, etc.
Investment Amount (USD)
Not Disclosed
When disclosed, the bank did not provide this value. Please review updated project documents for more information.
Primary Source

Original disclosure @ EBRD website

Updated in EWS May 7, 2020

Disclosed by Bank May 6, 2020


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Project Description

According to bank provided information,  the Project will have a systemic impact on the financial sector insofar as the adoption of IFRS accounting standards is expected to ultimately (i) foster transparency by enhancing the international comparability and quality of financial information, enabling investors and other market participants to make informed economic decisions, (ii) strengthen accountability and (iii) contribute to economic efficiency by helping investors to identify opportunities and risks across the world, thus improving capital allocation. 

This TC Project is financing one Assignment. The EBRD intends to engage a consultant (“the Consultant”) to support to the Central Bank in the adoption and implementation of IFRS in the banking sector

International Financial Reporting Standards (“IFRS”) have been established with the goal of creating internationally recognised set of accounting standards that bring transparency, accountability and efficiency to financial markets around the world. Although the current national accounting standards —Tunisian Accounting Standards (“TAS”) – have naturally been converging with IFRS, Tunisia is one of the very few countries where IFRS are not applied and this acts as a negative factor towards foreign investment. Recently, the country decided to undertake the transition towards IFRS. 

Investment Description
  • European Bank for Reconstruction and Development (EBRD)
Contact Information

*Contact information not provided at the time of disclosure*

ACCOUNTABILITY MECHANISM OF EBRD

The Project Complaint Mechanism (PCM) is the independent complaint mechanism and fact-finding body for people who have been or are likely to be adversely affected by an European Bank for Reconstruction and Development (EBRD)-financed project. If you submit a complaint to the PCM, it may assess compliance with EBRD's own policies and procedures to prevent harm to the environment or communities or it may assist you in resolving the problem that led to the complaint through a dialogue with those implementing the project. Additionally, the PCM has the authority to recommend a project be suspended in the event that harm is imminent. You can contact the PCM at pcm@ebrd.com or you can submit a complaint online using an online form, http://www.ebrd.com/eform/pcm/complaint_form?language=en. You can learn more about the PCM and how to file a complaint at http://www.ebrd.com/work-with-us/project-finance/project-complaint-mechanism.html.