Japan’s Marubeni Corporation will be building a new textile factory in Kafr El Sheikh for the Cotton & Textile Industries Holding Company under an MoU signed yesterday, Al Ahram reports. The project will be funded through a facilitated loan from Japan Bank for International Cooperation (JBIC), which will be repayable over 10 years, with an additional three-year grace period. JBIC has also expressed willingness to provide consultancy services and help with the supply of equipment. The move comes as part of government efforts to rehabilitate several state-owned companies that have been suffering heavy losses. Details on the exact cost and timeline of the project were not disclosed.

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