Commercial International Bank (CIB) has signed an $80 million financing agreement to support the expansion of the Eroglu Knitting (EMS) project in Egypt.
What happened
CIB will lend $75 million as a medium‑term loan and $5 million as a working‑capital facility, both for seven years. The funds will finance advanced machinery for the second and third phases of the EMS complex in the West Qantara Industrial Zone.
Why it matters
The project, backed by Turkey’s Eroglu Global Holding, represents a $140 million investment that will create more than 4,500 jobs and target annual revenues of about $165 million. All output – roughly 24 million garments, yarn and dyed fabrics – is slated for export, with 50% to Europe, 30% to the United States and 20% to other markets, bolstering foreign‑currency inflows.
Background
Eroglu Knitting aims to become one of Egypt’s largest integrated textile complexes, covering 150,000 sq m. CIB’s strategy emphasizes financing large‑scale industrial projects that enhance domestic production and export capacity, aligning with Egypt’s Vision 2030.
What comes next
According to CIB Deputy CEO Amr El‑Ganainy, the financing underscores Egypt’s ability to attract Turkish investment and will help complete the integrated facility. The project is expected to finish its expansion phases within the loan term, after which the complex will operate at full capacity and contribute to the country’s industrial growth.