Banque du Caire has signed a new financing agreement with the Kandil Glass Group to support the company's capital expansion, including a new glass production facility in the Ataqa Free Zone in Suez governorate. The package includes a six-year medium-term loan of $16.7m as part of an investment project costing up to $20.4m. The new plant will have a daily production capacity of 100 tonnes, serving domestic and export markets.
Banque du Caire has announced a financing agreement with the Kandil Glass Group to bolster the company's capital expansion. The deal focuses on establishing a new glass production facility in the Ataqa Free Zone in Suez governorate, with a total cost of up to $20.4m. The financing comprises a six-year medium-term loan of $16.7m, plus $8m and EGP 85.6m for capital expenditure on the existing Kandil Glass operations.
The new facility is projected to produce 100 tonnes per day, aligning with Egypt's strategy to enhance local manufacturing and industrial exports. Hussein Abaza, Managing Director and CEO of Banque du Caire, stated that the agreement fits the bank's strategy to support the industrial sector as a key driver of sustainable economic growth, particularly in value-added manufacturing. He added that the partnership reflects the bank's confidence in national industrial players and its commitment to integrated financing solutions that expand production capacity, boost competitiveness, and create jobs.
Bahaa El Shaffei, Deputy CEO, described the investment as a promising project relying on advanced industrial technologies and targeting export market expansion, thereby strengthening the regional and international competitiveness of Egyptian industry. Mohamed Shaker, Chief Corporate and Structured Finance Officer, noted that the deal underscores the bank's approach to supporting productive sectors and reinforces its role in industrial development. Mohamed Lashin, Head of Corporate Banking Group, said financing the project in the Suez Free Zone, with its strong export focus, aligns with the state's strategy to promote exports and local value-added industries.
Khalil Kandil, Chairperson of Kandil Glass, called the financing a strategic partnership supporting the group's vision to expand production and strengthen its presence in local and regional markets. Ahmed Shaker, Head of Finance and Banking Relations, added that the agreement highlights effective cooperation between Egypt's banking and industrial sectors, improving the group's liquidity and cost efficiency.