PM witnesses signing of credit facility agreement to develop textile industry


CAIRO - 16 December 2021: Prime Minister Mostafa Madbouli on Thursday witnessed the signing of a credit facility agreement and a guarantee contract with global financial institutions to develop the textile industry in Egypt.

The agreement was inked with HSBC, UBS Group AG and Credit Suisse.

The guarantee contract was signed with UBS Group AG and Credit Suisse.

The step comes as part of the government's plan for developing the textile sector, through doubling the production capacity of gins and factories affiliated to Misr Spinning and Weaving Company.

The plan is also aimed at establishing seven new gins to manufacture clean and traceable cotton, with a view to providing quality inputs to the garment industry, as well as implementing a project to produce cottonseed oil in cooperation with the private sector.

Under this agreement, the Swiss Export Risk Insurance (SERV) would offer credit facility to Misr Spinning and Weaving Company to purchase European machinery and equipment for its factories.