CIB provides $80m financing for Eroglu Knitting expansion in Egypt

Commercial International Bank (CIB) has signed a financing agreement to provide an $80 million package for the expansion of the Eroglu Knitting (EMS) project in Egypt. The project, a subsidiary of Turkey’s Eroglu Global Holding, is being developed with a total investment of $140 million in the West Qantara Industrial Zone.

The financing includes a $75 million medium-term loan and a $5 million working capital facility, both with seven-year terms. These funds are designated for purchasing advanced machinery and equipment for the project’s second and third phases. Once fully operational, the 150,000-square-meter facility is expected to create over 4,500 jobs and generate approximately $165 million in annual revenue.

The complex aims for an annual production capacity of 24 million ready-made garments, along with yarn and dyed fabrics. All sales are intended for export, with 50% targeting European markets, 30% targeting the United States, and 20% for other international markets.