SERV-backed textile project wins TXF award

The Egyptian government has launched a strategy to refurbish its cotton and textile sector. This includes the modernization of the Ghazl al-Mahalla spinning mill, which is being expanded to become the largest of its kind in the world. To achieve its goal, the Egyptian government is working with Swiss manufacturers of cotton processing and textile machinery, explains SERV in a success story published on its portal. SERV is supporting the project with comprehensive coverage, offering its expertise and local presence.

Specifically, SERV has secured 87 individual supply contracts in three different currencies with the companies Benninger AG, Karl Mayer Textilmaschinen AG, Luwa Air Engineering AG, Maschinenfabrik Rieter AG, Stäubli AG, Toyota Textile Machinery Europe AG and Uster Technologies AG. The project was awarded Overall Best Export Finance Deal of the Year at the TXF Global Conference 2023 of the Trade & Export Finance (TXF) trade information service in Lisbon on 15 June, according to a statement from SERV.

SERV's advisors "drove the discussions with the customer forward, explained processes and requirements, and supported us on environmental matters," commented Hanspeter Weilenmann, CFO Benninger AG, in the success story. “This good communication was very helpful to us in the negotiations and in the project and financing activities."

Andreas Oel, Senior Vice President, Large Enterprises, SMEs & Acquisition at SERV, emphasized the importance of Swiss involvement in the large-scale project. He said that it "may lead to follow-up orders and long-term service mandates in an emerging market”. ce/hs