National Bank of Egypt arranges EUR 540 mn loan for Spinning and Weaving holding co.

The National Bank of Egypt has arranged a EUR 540 mn loan for state-owned Holding Company for Spinning and Weaving from two unnamed Italian and Swiss banks, Public Enterprises Minister Hisham Tawfik tells Al Mal. Italy’s export credit agency SACE, Switzerland’s Export Risk Insurance SERV, and the Egyptian Finance Ministry will all guarantee the loan. The funding will be used to import new machinery.