Credit Suisse, a company of UBS Group, UBS Switzerland and other Swiss banks agreed to increase their existing Credit Facility Agreement with Cotton, Spinning, Weaving & Garment Holding Co, Cairo, Egypt, by EUR 20m to EUR 375m, effective December 7, 2023. The increase was signed on April 13, 2023.

The Credit Facility Agreement continues to benefit from a sovereign guarantee of the Ministry of Finance of the Arab Republic of Egypt. The financing has a term of ten years and receives a 95% cover from the Swiss Export Risk Insurance (SERV). The purpose of the increase to the loan is to finance the purchase of various additional textile machineries and ancillary equipment from existing and new Swiss and European textile machinery producers.

Credit Suisse acts as SERV agent and facility agent and, alongside UBS Switzerland, as original SERV covered lenders and mandated lead arrangers. The project and the SERV covered credit facility are part of the governmental modernization program of the spinning and weaving sector in Egypt.