Tunisia's zero-interest honor credit scheme faces implementation doubts

Decree n°148, published on 23‑24 July 2026, creates a zero‑interest, no‑guarantee “credit d’honneur” to support households, micro‑projects, SMEs and community companies. Banks must allocate at least 8 % of their 2025 profits to fund the scheme, which caps loans at 5,000 dinars for individuals, 10,000 dinars for micro‑projects and 25,000 dinars for SMEs, with a maximum two‑year repayment period and up to six months of grace.

Experts warn that the programme’s success depends on clear application rules. Tax adviser Mohamed Salah Ayari told a private radio station that any natural person may apply, but each request will be examined by the bank, which must respond within ten working days and justify any refusal. Economist Aram Belhadj highlighted structural risks: banks are forced to lend without risk‑based pricing, evaluation criteria are vague, the allocated budget of about 120 million dinars may be insufficient, and strict central‑bank oversight will be essential to prevent the measure from remaining symbolic.