Ambassador of Switzerland hosts reception in celebration of textile machinery export transaction between Switzerland and Egypt

Press releases, 13.10.2022

Cairo Egypt – The Ambassador of Switzerland to Egypt, H.E. Yvonne Baumann, hosted a reception on Wednesday 12 October, to celebrate the implementation of a landmark export transaction between Switzerland and Egypt.

In December 2021, Credit Suisse and a group of other banks signed a EUR 355 million Credit Facility Agreement with the Cotton & Textile Industries Holding Company (CTIHC) under the Ministry of Public Business Sector, with a view to the financing of supply contracts between CTIHC and several Swiss textile machinery manufacturers, amongst them Maschinenfabrik Rieter AG. This financing agreement is supported by the Swiss Export Risk Insurance SERV and the Egyptian Ministry of Finance.

Before the reception, representatives of Credit Suisse and SERV visited the El-Mahalla textile factory, which has just witnessed the arrival in Egypt of the first machines resulting from this agreement.

The supply contracts supported by this financing bear strategic importance for both Switzerland and Egypt, as part of the Swiss textile machinery industry’s export strategy and the Egyptian government’s investment into the modernization of the textile industry in Egypt. According to Her Excellency Yvonne Baumann, Ambassador of Switzerland to Egypt, “Switzerland and Egypt share a history of fruitful collaboration in the textile sector, which dates back to the 19th century. This most recent agreement is in line with the two countries’ tradition in this field, and I am certain that Egypt will incorporate it into it successful strategy to further increase its exportations of high-quality textiles”.