Aninver selected by the OIF to carry out a feasibility study on the revision of Tunisia's Cultural Industries Guarantee Fund

Aninver Development Partners has been selected by the Organisation internationale de la Francophonie (OIF) to carry out a feasibility study on the revision of Tunisia's Cultural Industries Guarantee Fund (Fonds de Garantie pour les Industries Culturelles, FGIC). The study is commissioned by the OIF's Directorate for the French Language and the Diversity of Francophone Cultures (DLC), under its "Cultural Industries and Discoverability" programme.

A pioneering instrument that needs renewal

The FGIC was created in 2002 through an agreement between the OIF and the Government of Tunisia, as one of three guarantee funds established by the OIF in Tunisia, Morocco and West Africa to help cultural operators access bank credit. Managed today by the Tunisian Guarantee Company (SOTUGAR), the Fund covers part of the risk taken by banks when lending to companies in sectors such as film and audiovisual production, music, publishing, radio, performing arts, visual arts and design.

Since its creation, the FGIC has guaranteed around 30 loans granted by eight Tunisian banks to some twenty cultural companies, supporting investment projects worth close to EUR 3 million. However, after more than two decades of operation, the Fund has lost momentum: limited commitment capacity, guarantee terms that are not attractive enough for banks, low awareness among financial institutions and entrepreneurs, and scarce data on the risk profile of cultural businesses have all reduced its use.

At the same time, Tunisia's cultural and creative industries, estimated at 1% to 2% of GDP, are attracting growing attention, with increased public support for culture, new institutions, a 2024 crowdfunding law and a vibrant ecosystem of creative start-ups. Across Africa, development finance institutions, commercial banks and investors are also showing increasing interest in the sector.

Scope of the study

Over approximately six months, Aninver will:

• Assess the financing needs of Tunisian cultural and creative enterprises and the barriers that limit bank lending to the sector.
• Map the public and private financing instruments available, and review the legal, institutional and policy framework.
• Evaluate the performance and operating arrangements of the FGIC, and benchmark it against other guarantee schemes in Tunisia and internationally.
• Propose a revised operating model for the Fund, including governance, guarantee rules, the role of each partner and standard application documents.
• Design complementary support services for cultural entrepreneurs and banks, a communication strategy and a strategy to mobilise new funding.
• Identify two pilot projects to be supported towards guaranteed bank financing, together with an implementation action plan, timetable and budget.

The work will be carried out in close coordination with a steering committee bringing together the OIF, the Tunisian Ministry of Cultural Affairs, SOTUGAR, the Ministry of Finance and the Ministry of Foreign Affairs, and will involve extensive consultations with cultural operators, banks and other stakeholders. Aninver's international team will work alongside Tunisian experts with in-depth knowledge of the country's creative sector and SME financing.

Building on our creative industries experience

This assignment builds on Aninver's experience in the creative industries across Africa and beyond, including recent work on Côte d'Ivoire's music industry, a creative economy diagnostic in Sierra Leone and the design of a creative industry programme in Rwanda. It also reflects our commitment to supporting institutions in developing innovative financing solutions for high-potential sectors.

We are proud to continue expanding our work in Africa alongside the OIF and Tunisian stakeholders, and to contribute to a stronger financing ecosystem for Tunisia's cultural and creative entrepreneurs.