A Significant collaboration between Zaki Hashem & Partners and Matouk Bassiouny on the Euro 355 million Facility Agreement executed on 16 December 2021 and supported by the Swiss Export Risk Insurance (SERV) with a sovereign guarantee issued by the Ministry of Finance as part of the Ministry of Public Enterprise Sector’s strategy to restructure the cotton sector by purchasing machinery and equipment from Switzerland, Italy, and Germany.
This funding is part of a bigger financing package for Euro 540 million, which includes export credit guarantees worth Euro 370 million from SERV and Euro 170 million from SACE S.p.A. (Italian export credit agency). In 2022, the SACE tranche of funding will be completed.
HSBC Bank Middle East Limited, Credit Suisse AG, and UBS Switzerland AG were among the banks involved in the financing.
Zaki Hashem & Partners, Ashurst LLP, and BMG Law acted as legal advisors to the Cotton Spinning Weaving & Garment Holding Company (CTIHC).
On behalf of the lenders, Matouk Bassiouny & Hennawy and Allen & Overy LLP served as their legal counsel.
Banque Misr SAE and the National Bank of Egypt SAE served as CTIHC’s financial consultants.