A syndicate of Egyptian banks has signed a long-term syndicated facility worth $119.4m for Flex PET Egypt to finance the second phase of its manufacturing plant in the Ain Sokhna industrial zone. Commercial International Bank (CIB) and alBaraka Bank Egypt joined the consortium as initial mandated lead arrangers. Flex PET Egypt, a subsidiary of the global UFlex Group, will also use the facility to support its working capital requirements. Mohamed Bedier, CEO of QNB Egypt, said the loan represents a significant step in bolstering the Egyptian industrial sector. Sanjay Tiku, Managing Director of Flex PET Egypt and Chairperson of Flex Egypt Group, said the 600-tonne daily capacity expansion is central to UFlex Group’s strategy to diversify its product range and expand its global market share.

Source: Daily News Egypt March 01, 2026 17:08 UTC