CIB invests $80M in EMS project
The Commercial International Bank Egypt (CIB) has finalized a financing agreement amounting to $80 million for the Eroglu Knitting (EMS) project, belonging to the Turkish Eroglu Global Holding Group. The goal is to complete and expand an integrated industrial complex in the Al Qantara West area, covering 150,000 square meters. The financing includes a medium-term loan of $75 million with a repayment period of up to 7 years, along with a $5 million working capital facility to fund the purchase of machinery and equipment for the project's second and third phases. The project aims to become one of Egypt's largest industrial complexes, targeting an annual production of 24 million ready-made garments and generating revenues of up to $165 million upon full capacity. All products will be exported to European, American, and other markets, boosting exports and creating more than 4,500 jobs. This financing forms part of the bank’s strategy to support major value-added industries, expand the industrial sector, and stimulate exports in Egypt.
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