The company Metropolitan Egypt is looking into financing Khute Spinning with EGP 50m, according to Khaled Nagaty, chairperson at Metropolitan.
Khute Spinning will use this loan to set up a factory for textile products somewhere in Greater Cairo on an area of 10,000 sqm.
Nagaty said that the company pays great attention to the financing of small- and medium-sized enterprises (SMEs), which usually require financing of between EGP 1m and EGP 50m, noting that the company believes in the importance of this sector in improving the economy and in light of the difficulties and obstacles facing the sector in obtaining financing.
Shady Badr, credit manager at Metropolitan, said that Khute aims to obtain equipment at a cost of EGP 30m and allocate EGP 10m for the capital cycle, in addition to EGP 10m for commercial activity.
Last year, Khute realised sales of nearly EGP 150m through the importation of fabrics from India and Indonesia.
Metropolitan Egypt was founded in 2008 with the aim of offering a variety of financial and credit services to Egyptian SMEs.