Egypt’s parliament recently approved a draft law submitted by the government to authorise the Minister of Finance to guarantee that the state-run Cotton & Textile Industries Holding Co would fulfil its financial obligations to the Swiss SERY and the Italian SACE agencies. The approval allows the firm to receive a €540-mn funding to buy equipment.

In return, the company will provide the Ministry with vacant land plots as a property guarantee at a value equivalent to the financial guarantee, according to a report.