The Overseas Private Investment Corporation (Opic) and Tunisia have signed a bilateral agreement intended to promote US private sector investment in the North African nation. The agreement updates a document originally concluded between the two countries in 1959.

The agreement affirms the two nations” “common desire to encourage activities in the Republic of Tunisia that promote the economic resources and productive capacities of the Republic of Tunisia”, and recognises that “this objective can be promoted through investment support” by Opic.

Historically, Opic has supported 20 projects in Tunisia with nearly US$550mn in political risk insurance. Those projects have represented a variety of sectors in Tunisia’s economy, from manufacturing to financial services, tourism to oil and gas exploration.