CIB Provides $80M Financing for Eroglu Knitting Industrial Complex in Egypt
Commercial International Bank – Egypt (CIB) has provided total financing of $80 million to Eroglu Knitting (EMS), part of Turkish group Eroglu Global Holding, to support the completion of its integrated industrial complex in West Qantara.
The financing reflects CIB’s efforts to support Egypt’s industrial sector and contribute to attracting and expanding foreign direct investment in the local market.
The financing package includes a $75 million medium-term loan and a $5 million working capital facility. The seven-year loan will finance the purchase of machinery and equipment required for the second and third phases of the project.
CIB said the financing is aligned with its strategy of supporting large-scale industrial investments that generate added value, strengthen Egypt’s production and export capabilities, and support international companies seeking to expand their operations in the country.
The Eroglu Knitting (EMS) project is being developed with total investments of $140 million across approximately 150,000 square meters in West Qantara. Once completed, the project is expected to become one of Egypt’s largest integrated industrial complexes, creating more than 4,500 jobs.
The facility is designed to cover the textile production chain, starting with cotton as a key raw material and extending through spinning, knitting, dyeing, and ready-made garment manufacturing using advanced machinery and technologies.
Upon completion of all phases, the project is expected to produce approximately 24 million ready-made garments annually, in addition to yarn and dyed fabrics. Any surplus production will be sold to other customers.
The project is also targeting annual revenues of around $165 million at full operational capacity, with 100% of its sales expected to be directed toward exports. Approximately 50% of exports will be destined for European markets, 30% for the United States, and 20% for other markets.
CIB Executive Vice President and Executive Board Member Amr El-Gabry said the financing demonstrates the bank’s confidence in the strength of Egypt’s industrial sector and its ability to attract major international investments, particularly in textiles and ready-made garments.
He added that CIB remains focused on building long-term partnerships with local and international investors and providing financing solutions tailored to large-scale projects and their expansion plans.
Nortin Eroglu, Chairman of Eroglu Global Holding, said the group began investing in Egypt in 2007 with its first factory in Ismailia. It later established the DNM factory in the Damietta Public Free Zone in 2009, with investments reaching $100 million, followed by a further $60 million expansion.
Eroglu said the group subsequently moved into a new investment phase by establishing Eroglu Knitting (EMS) and Eroglu Garments in the Suez Canal Economic Zone, bringing its total investments in Egypt to $370 million.
He added that the latest partnership with CIB will support the financing of machinery for the second and third phases of Eroglu Knitting, as well as part of the company’s raw materials and production requirements.
The group aims to reach $450 million in exports by the end of 2027 and create approximately 10,700 jobs once its projects reach full operational capacity.