Commercial International Bank (CIB), Egypt's leading private-sector bank, has signed a financing agreement to provide an $80m financing package for the expansion of the Eroglu Knitting (EMS) project. The project, a subsidiary of Turkey's Eroglu Global Holding, aims to support Egypt's textile industry and contribute to increased foreign direct investment (FDI) inflows. The financing package comprises a $75m medium-term loan and a $5m working capital facility, both with a seven-year term.
The EMS project, being developed with a total investment of $140m, spans approximately 150,000 square metres in the West Qantara Industrial Zone. Once completed, it is expected to become one of Egypt's largest integrated industrial complexes, creating more than 4,500 jobs. The funds will be used to purchase advanced machinery and equipment for the project's second and third phases, supporting the completion of the group's integrated industrial complex in West Qantara.
The initiative aligns with CIB's strategy of supporting major industrial investments that enhance Egypt's production and export capabilities, while assisting global companies seeking to expand their operations in the local market. The company aims to become a preferred business partner for leading global brands by leveraging its fully integrated manufacturing capabilities. Partners will benefit from the company's end-to-end value chain, ranging from raw cotton processing to ready-made garments using state-of-the-art textile machinery and technologies.
The project targets an annual production capacity of approximately 24 million ready-made garments, in addition to yarn and dyed fabrics, with surplus output available to external customers. Once fully operational, the facility is expected to generate annual revenues of approximately $165m. Notably, 100% of sales are destined for export, with 50% heading to European markets, 30% to the United States, and 20% to other international markets.
This is expected to support foreign currency inflows and enhance the global competitiveness of Egyptian exports. Amr El-Ganainy, Deputy CEO and Executive Board Member at CIB, highlighted the bank's commitment to supporting Egypt's industrial sectors, particularly textiles and ready-made garments. He also emphasised CIB's dedication to supporting Egypt's Vision 2030 by financing projects that drive economic development and create meaningful employment opportunities.
Nurettin Eroğlu, Chairman of the Board of Eroğlu Global Holding, said that the partnership with CIB supports the group's ambition to reach exports of $450m by the end of 2027 and to provide around 10,700 job opportunities when full operation is completed. Eroğlu Group started its investment in Egypt in 2007 and has continued to grow, establishing several factories in Egypt, including the Eroğlu Knitting (EMS) and Eroğlu Garment factories in the Suez Canal Economic Zone, with investments of $210m.
The financing highlights CIB's commitment to supporting Egypt's industrial sectors and Egypt's proven ability to attract major international investments. The bank remains committed to supporting such investments and building long-term partnerships that strengthen Egypt's position as a regional manufacturing hub. The partnership with CIB is seen as a strategic move to strengthen production and exports from Egypt to global markets.
Key points
- CIB provides $80m financing for Eroglu Knitting expansion in Egypt
- The project aims to create over 4,500 jobs and generate annual revenues of $165m
- The facility will produce 24 million ready-made garments annually, with 100% of sales destined for export
