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Tuesday, 23 June 2020

AFD’s Proparco provides USD 20 mn finance facility to T&C Garments

DEBT WATCH- Proparco has extended a USD 20 mn finance facility to T&C Garments, an Egyptian-Turkish JV specialized in manufacturing denim clothes for export, according to a press release (pdf). The loan from the private-sector financing arm of the French development finance institution AFD will help T&C Garments double its production capability over the coming years as well as finance the installation of solar PV panels and a water-recycling unit to increase sustainable electricity usage in the company. “Egypt has high potential to play a growing role in the textile sector worldwide,” said Yazid Safir, North Africa director at Proparco, adding that the company, “is pioneering high environmental and social standards in the Egyptian textile sector.”

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