Egypt’s parliament recently approved a draft law submitted by the government to authorise the minister of finance to guarantee that the state-run Cotton & Textile Industries Holding Co would fulfil its financial obligations to the Swiss SERY and the Italian SACE agencies. The approval allows the firm to receive a €540-million funding to buy equipment.
In return, the company will provide the ministry with vacant land plots as a property guarantee at a value equivalent to the financial guarantee, according to a report in an Egyptian newspaper.
Fibre2Fashion News Desk (DS)
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