Cairo – Mubasher: The Egyptian government is currently in negotiations with several financial institutions and banks to secure a EUR 540 million loan to finance the purchase of new equipment for Cotton & Textile Industries Holding Company’s subsidiaries.
Contracts have been signed for the purchase of new equipment and a medium-term bridge loan worth EGP 1.5 billion has been secured to make the advance payments required for the supply of equipment, the Ministry of Public Enterprise Sector said in a statement on Tuesday.
The ministry has set a plan to develop textile and cotton companies at a total cost of EGP 21 billion.
The plan includes the merger of several companies into one entity and the renovation and rebuilding of factories.
