Egypt signs credit facility with global financial institutions

(3 minutes read)

·        Egypt has signed a credit facility agreement and a guarantee contract with global financial institutions to develop the textile industry in Egypt

·         The agreement  was signed in the presence of Prime Minister Mostafa Madbouli. Parties to the agreement are   with HSBC, UBS Group AG and Credit Suisse

·         Also, the guarantee contract was signed with UBS Group AG and Credit Suisse

Egypt has signed a credit facility agreement and a guarantee contract with global financial institutions to develop the textile industry in Egypt. The agreement  was signed in the presence of Prime Minister Mostafa Madbouli. Parties to the agreement are   with HSBC, UBS Group AG and Credit Suisse. Also, the guarantee contract was signed with UBS Group AG and Credit Suisse.

This forms a part of the government’s plan for developing the textile sector. Egypt aims at   doubling the production capacity of gins and factories affiliated to Misr Spinning and Weaving Company.

Egypt will also set up seven new gins to manufacture clean and traceable cotton, for providing quality inputs to the garment industry. A project to produce cottonseed oil in cooperation with the private sector is also on the anvil.

The Swiss Export Risk Insurance (SERV) would offer a credit facility to Misr Spinning and Weaving Company to purchase European machinery and equipment for its factories.