2009年-世界发展银行全球_Policy_Note_on_SMEs_Access_to_Finance_in_Tunisia_73页_1mb

Summary of Policy Note on SMEs Access to Finance in Tunisia

Core Content

This policy note analyzes the challenges and opportunities in SME financing in Tunisia, highlighting the structural and institutional constraints that limit access to financial services for small and medium enterprises (SMEs). It outlines the current state of the financial system, the role of various financing instruments, and the government's efforts to support SMEs. The report also includes data from enterprise surveys and discusses the implications of the global financial crisis on Tunisia's economic growth and SME development.

Main Points

Importance of SMEs in Tunisia

• Dominance of SMEs: At least 97.8% of all firms in Tunisia are SMEs, making them central to the economy.
• Economic Strategy: The 11th Plan (2007) emphasizes the development of a high-value-added knowledge economy to drive growth.
• Role in Growth: SMEs are crucial for job creation and economic development, especially in industry and services.

Financial System Overview

• GDP Growth: Real GDP grew at an average of 5% between 1997 and 2007, outperforming the MENA region.
• Financial Sector Development: Despite a relatively developed financial system, access to finance for SMEs remains limited.

Key Financing Instruments

• Bank Financing: Main source of funding, but SMEs face high collateral requirements and administrative barriers.
• Leasing: A growing but constrained tool, with penetration of 10.6% in 2008.
• Factoring: A useful tool for cash flow management, with a volume of TND 451.1 million in 2008.
• Stock Market: An alternative market was launched in 2007 to support SMEs, but it remains underdeveloped.
• Venture Capital (SICARs): SICARs provide 35-40% of total investment, but face challenges in project appraisal and exit opportunities.

Demand Side Constraints

• Access and Cost: Access to and cost of financing are perceived as major obstacles to SME growth.
• Self-Financing: Retained earnings are the primary source of funding for SMEs, indicating limited access to external financing.
• Perception of Banks: SMEs view banks as having stringent requirements and opaque processes.
• Collateral Requirements: Banks often require collateral worth up to 167% of the loan amount, making it difficult for smaller firms to access credit.
• Administrative Burdens: Complex procedures and lack of information on credit history and payment records further hinder access.

Supply Side Constraints

• Banking System: Despite reforms and the creation of specialized institutions like BFPME and SOTUGAR, banks remain hesitant to finance SMEs.
• Collateral and Credit Scoring: Banks rely heavily on collateral and have limited use of credit-scoring technologies.
• Non-Performing Loans (NPLs): High NPL levels constrain banks from expanding credit to SMEs.
• Leasing Constraints: Lack of a secured transaction registry and high financing costs limit leasing's potential.
• Factoring Constraints: Limited legal framework and enforcement issues impede the development of factoring.
• Stock Market Limitations: The alternative market lacks liquidity, investor protection, and awareness among SMEs.
• SICARs Limitations: SICARs face challenges in project appraisal and monitoring, and exit opportunities via the stock market are limited.

Synthesis and Recommendations

Strategic Measures to Improve Credit Environment

• Financial Transparency: Promote transparency for SMEs to improve their access to credit.
• Information Quality: Enhance the availability and quality of information through private credit bureaus and secured transaction registries.
• Guarantee Mechanisms: Improve existing guarantee systems to reduce the need for high collateral.

Banking Sector Improvements

• Reduce NPLs: Continue efforts to reduce non-performing loans to improve bank willingness to lend.
• Simplify Procedures: Streamline co-financing processes with BFPME to reduce time and cost.
• Adopt Lending Technologies: Use credit-scoring systems to better assess SME creditworthiness.

Enhancing Specific Instruments

• Develop Stock Market: Improve the alternative market to increase liquidity and attract foreign investors.
• Legal Framework for Factoring: Implement a specific law to formalize and promote factoring.
• Strengthen SICARs: Enhance SICARs' expertise in technology projects and improve their exit prospects.

Key Institutions and Acronyms

• BFPME: SME Financing Bank
• SOTUGAR: Tunisian Guarantee Company
• SICARs: Venture Capital Investment Companies
• BCT: Central Bank of Tunisia
• BVMT: Tunisian Stock Market
• CMF: Financial Market Council
• API: Industrial Promotion Agency
• ITCEQ: Tunisian Institute of Competitiveness and Quantitative Studies
• FNG: National Guarantee Fund
• FOPRODI: Industrial Promotion and Decentralization Fund

Conclusion

Tunisia has made progress in developing its financial system and supporting SMEs, but access to finance remains a significant challenge. The report underscores the need for structural and institutional reforms to improve the credit environment and enhance the role of financial instruments in supporting SME growth. The recommendations focus on improving transparency, simplifying procedures, and enhancing the capacity of financial institutions to serve SMEs effectively.