Commercial International Bank–Egypt (CIB) has signed a partnership and financing agreement with Paradise Textiles and several affiliated companies to support the establishment of the region’s largest fabric manufacturing plant in the Amreya Public Free Zone in Alexandria Governorate, underscoring the bank’s commitment to backing large-scale industrial projects with environmental and export potential.
The total investment cost of the project stands at around $102m, with CIB providing financing of $72m to be disbursed in three phases. The first tranche, valued at $35.5m, will be released in the current phase, with the remaining amount to be disbursed over the following two years in line with the agreed schedule.
The project aims to establish an integrated manufacturing facility relying on the latest environmentally friendly technologies and machinery, helping to reduce environmental impact and promote sustainability. It is the first project of its kind in the Middle East to target LEED green sustainability certification, one of the most widely recognised international standards for sustainable buildings and projects.
LEED certification holds strategic importance for Paradise Textiles, particularly as the company is a major exporter to the US market and seeks to work with leading global brands, for which sustainability certifications are increasingly a prerequisite for competitiveness and market access.
The plant’s core activity will focus on the design and manufacture of polyester fabrics and high-quality synthetic textiles, primarily used in the production of homewear and sportswear for international brands, thereby supporting global supply chains, especially those serving the US market.
The project will be developed on a 47,345-square-metre plot adjacent to its sister company, Alex Apparels for ready-made garments, reinforcing industrial integration between the two entities.
Amr El-Genainy, Deputy Chief Executive Officer and Executive Board Member at CIB, said the partnership reflects the bank’s role as a strategic partner to major industrial players and its continued support for high value-added projects that drive economic growth.
“At CIB, we believe our responsibility as the largest private-sector bank in Egypt extends beyond providing traditional financing solutions,” El-Genainy said. “We aim to empower national projects capable of competing globally and delivering a qualitative leap in Egyptian exports. This financing reflects the strength of the bank’s financial position and its ability to support major industrial transformations that adopt international efficiency standards, ensuring the competitiveness of environmentally friendly Egyptian products in global markets.”
He added that financing the Paradise Textiles project aligns with the bank’s strategy to support vital sectors, promote the green economy, and back advanced projects that combine investment expansion with environmental responsibility, strengthening Egypt’s position as a leading regional industrial hub.
For his part, Ehab Mohy El-Din, Director of the Alpine Creations Group — which includes Alex Apparels and Paradise Textiles in Egypt — said the financing will help accelerate work within the free zone and complete construction of the largest and most advanced polyester fabric factory of its kind in the Middle East.
He said the agreement reflects the banking sector’s confidence in the group’s expansion plans and its growing role in supporting economic development and attracting international investment, in line with Egypt Vision 2030, which targets increasing exports to more than $145bn.
Mohy El-Din stressed that the financing underscores the banking sector’s support for industrial development and efforts to improve the investment climate nationwide, particularly in free zones, contributing to the state’s strategy and political leadership’s vision to enhance Egypt’s position in the global economy.
Both sides said the partnership represents a successful model of cooperation between the banking and industrial sectors, contributing to job creation, technology transfer, and strengthening Egypt’s role as a regional hub for sustainable, export-oriented industries, in line with national efforts to promote the green economy and boost exports.
