The US-based World Bank has granted Tunisia a $500m loan to support the country’s government as it continues to implement political and economic reforms.

The bank previously granted the North African country a loan in June 2011, which was also designed to speed up the reform plans. Tunisia is looking to improve the country’s business environment by getting rid of bureaucracy, reducing corruption and increasing transparency of business and government activities.

The previous loan supported government efforts to improve access to information, resulting in the country’s finance minister publishing monthly data on budget plans. Future reform plans include eliminating 10 per cent of tax and customs regulations within government ministries as well as opening up the telecommunications market to competition.

The World Bank loan forms part of a wider lending package from international donors including $700m from the African Development Bank and the EU.