Press Releases

Launch of the INKADH and MOURAFEK Funds as part of the ASPIRE Initiative for the financing of SMEs impacted by COVID-19


In response to the COVID-19 crisis in Tunisia, La Caisse de Dépôts et Consignations (CDC), with the support of the United States Agency for International Development (USAID) through its Tunisia Jobs, Opportunities & Business Success (JOBS) program, is launching ASPIRE Initiative, a fund to promote the resilience of Tunisian SMEs, as part of its TND 700 million Emergency Fund.


ASPIRE Initiative will have a total investment portfolio of up to TND 100 million, with CDC contributing 40% of that amount and the private sector contributing the remaining 60%. To this end, CDC has subscribed up to 40% in two restructuring funds, namely:

  • INKADH Fund managed by Mac Private Management for a total amount of 50 MTD, and co-subscribed mainly with Amen Bank.
  • MOURAFEK Fund managed by Zitouna Capital, for a total amount of 40 MTD, and co-subscribed mainly



These funds will provide TND 1 to 5 million in equity finance to Tunisian SMEs that are struggling to access capital due to the pandemic. Financing provided by the ASPIRE Fund will help these SMEs to restructure their operations and position themselves for growth after the crisis.

Funding by the ASPIRE Initiative is expected to become available for Tunisian SMEs starting in the first quarter of 2021.

Qualified SMEs can apply for equity funding through the Joussour Invest platform at