Cairo – Mubasher: Cotton and Textile Industries Holding Co on Wednesday announced signing a memorandum of understanding (MoU) with Japan-based Marubeni Corporation to establish a new plant in the governorate of Kafr El Sheikh.
The Japan Bank for International Cooperation (JBIC) will finance the new plant, the public business sector ministry said in a statement.
The step is part of the ministry’s plan to develop and improve Cotton and Textile Industries Holding, in addition to providing the government-run company with state-of-the-art techniques.
JBIC expressed its interest in providing a ten-year loan for the company, along with providing engineering and construction advisory services in light of the study prepared by Warner Construction Consultants, a global multi-disciplined firm providing expert consulting services to a wide variety of construction industry clients.
It is worth noting that Cotton and Textile Industries Holding has inked a protocol with Kafr El Sheikh governorate for allocating a land plot of 80 acres (feddens) to establish the new plant.
The project's investment and timeframe were not revealed.
