Egypt - Banque du Caire has signed a new financing agreement with the Kandil Glass Group to support the company’s capital expansion, including the establishment of a new glass production facility in the Ataqa Free Zone in Suez governorate.

The financing package includes a six-year medium-term loan worth $16.7m as part of an investment project with a total cost of up to $20.4m to establish Kandil Glass Industries in the free zone. The agreement also provides $8m and EGP 85.6m in additional financing for the existing Kandil Glass to fund capital expenditure (CAPEX).

The new plant is expected to have a production capacity of 100 tonnes per day and will serve both domestic and export markets, in line with Egypt’s strategy to deepen local manufacturing and boost industrial exports.

Hussein Abaza, Managing Director and CEO of Banque du Caire, said the agreement aligns with the bank’s strategy to support the industrial sector as a key driver of sustainable economic growth, particularly value-added manufacturing activities. He noted that the partnership reflects the bank’s confidence in national industrial players and its commitment to providing integrated financing solutions that expand production capacity, enhance competitiveness and create job opportunities.

Bahaa El Shaffei, Deputy CEO of Banque du Caire, said the bank is keen to fulfil its development role by financing industrial projects with tangible economic impact. He described the Kandil investment as a promising project that relies on advanced industrial technologies and targets expansion into export markets, thereby strengthening the regional and international competitiveness of Egyptian industry.

Mohamed Shaker, Chief Corporate and Structured Finance Officer at Banque du Caire, said the agreement underscores the bank’s approach to supporting productive sectors and reinforces its position as a financial institution committed to backing industrial development.

Mohamed Lashin, Head of Corporate Banking Group at Banque du Caire, added that financing the establishment of Kandil Glass Industries in the Suez Free Zone – a project with a strong export orientation – is consistent with the state’s strategy to promote exports and local value-added industries.

For his part, Khalil Kandil, Chairperson of the Kandil Glass, described the financing as more than a funding arrangement, calling it a strategic partnership that supports the group’s vision to expand production capacity and strengthen its presence in local and regional markets. He said the new plant represents a technological leap in Egypt’s glass manufacturing industry, enabling the company to meet rising demand while maintaining high standards of quality and competitiveness.

Ahmed Shaker, Head of Finance and Banking Relations at the Kandil Glass, said the agreement reflects effective cooperation between Egypt’s banking and industrial sectors. He added that the financing will enhance the group’s liquidity position and cost efficiency, allowing it to focus on digital transformation and operational innovation.

The partnership forms part of Kandil Group’s broader strategy to consolidate its leadership in the glass industry in Egypt and the Middle East, while supporting national efforts to expand exports and increase domestic productive capacity. It also highlights Banque du Caire’s continued commitment to financing industrial investments and acting as a strategic partner in sustainable economic growth.

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