Cotton & Textile Industry Holding Co. to borrow EUR 540 mn from Swiss and Italian banks

The Cotton and Textile Industry Holding Company is planning to borrow EUR 540 mn from a consortium of four Swiss and Italian banks that will include Credit Suisse, Public Enterprises Minister Hisham Tawfik said, according to Al Mal. The National Bank of Egypt will arrange the facility. The Cotton and Textiles Holding company is expected to sign the agreement before the end of the month, Tawfik told Al Mal. The Italian export credit agency SACE and the Swiss Foundation for Export Risk Insurance (SERV) will be acting as credit garaunteurs for the loan.