A reception honoring a historic textile machinery export deal between Switzerland and Egypt was held on Wednesday by Yvonne Baumann, the 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 exportation of high-quality textiles,” the ambassador said.
Credit Suisse and a number of other banks entered into a €355 million agreement with the Cotton & Textile Industries Holding Company (CTIHC) in December to supply contracts between the CTIHC and specific Swiss textile machinery manufacturers, including Maschinenfabrik Rieter AG, under the auspices of the Ministry of Public Business.
Prior to the welcome, representatives from Credit Suisse and the Swiss Export Risk Insurance (SERV) paid a visit to the al-Mahalla textile mill, which was the first factory to receive the machines under the terms of the deal.
The deal was supported by SERV and the Egyptian Ministry of Finance. Through the expansion of the Swiss textile machinery sector’s export strategy plans, this historic agreement will assist Egypt modernize its textile industry.
Meanwhile, Telecom Egypt, the first integrated operator of communications and information technology services in Egypt, signed an agreement with the American company LUMEN to establish the first regional fulcrum for LUMEN in Egypt to provide Internet services to telecom companies in Egypt, Africa, Asia and the Middle East.
This came during a meeting with the Managing Director and CEO of Telecom Egypt Adel Hamed with the Regional President of the American company LUMEN, Annette Murphy at the company’s headquarters in London, with the presence of a high-level delegation from the two companies.
