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, supporting Egypt’s textile industry and contributing to increased foreign direct investment (FDI) inflows.
Eroglu Knitting is a subsidiary of Turkey’s Eroglu Global Holding. 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 financing package comprises a $75m medium-term loan and a $5m working capital facility, both with a seven-year term. 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.
Commenting on the transaction, Amr El-Ganainy, Deputy CEO and Executive Board Member at CIB, said: “This financing highlights CIB’s commitment to supporting Egypt’s industrial sectors, particularly textiles and ready-made garments, as well as Egypt’s proven ability to attract major international investments. Egypt continues to welcome Turkish investments that contribute to strengthening industrial capacity, increasing local production, and enhancing export potential.
“It also emphasises CIB’s dedication to supporting Egypt’s Vision 2030 by financing projects that drive economic development, promote industrial growth, enhance exports, and create meaningful employment opportunities. We view the Eroğlu Knitting (EMS) project as a significant addition to Egypt’s textile industry, particularly given its integrated production model and 100% export-oriented focus. CIB remains committed to supporting such investments and building long-term partnerships that strengthen Egypt’s position as a regional manufacturing hub.”
Nurettin Eroğlu, Chairman of the Board of Eroğlu Global Holding, said: “Eroğlu Group started its investment in Egypt in 2007 by establishing the group’s first factories in Ismailia. Eroğlu Global Holding continued to grow by establishing the DNM factory in the Damietta Public Free Zone in 2009, with investments of $100m, until it became the first exporter in the sector. We then expanded it with an additional investment of $60m.
“With the support and encouragement we found from the Egyptian state for investment, we moved to a new stage by establishing the Eroğlu Knitting (EMS) and Eroğlu Garment factories in the Suez Canal Economic Zone, with investments of $210m, bringing our total investments to $370m.
“Today, we are taking a new step with CIB that matches this growth, through medium-term financing for the machines of the second and third phases of the Eroğlu Knitting (EMS) factory, and partial financing for raw materials and production supplies.
“This partnership supports our ambition to reach exports of $450m by the end of 2027 and to provide around 10,700 job opportunities when full operation is completed.
“We see CIB as a strategic partner in our continuous growth journey. It does not only keep pace with our investments but also shares our ambition to strengthen production and exports from Egypt to global markets.
“Through this partnership, we carry our long-standing experience in the textile industry towards the future, supported by an integrated production system based on advanced technologies and strong export capabilities serving major international brands. This strengthens the position of the Egyptian market and highlights its promising potential.”
