Cairo – Mubasher: The Egyptian parliament approved a draft law submitted by the government to authorise the minister of finance to guarantee that Cotton & Textile Industries Holding Co would fulfill its financial obligations to the Swiss SERY and the Italian SACE agencies, the Middle East News Agency (MENA) reported on Sunday.

The approval allows the state-run company to receive a funding worth EUR 540 million to finance the purchase of new equipment.

In return, Cotton & Textile Industries Holding Co will provide the Ministry of Finance with vacant land plots as a property guarantee at a value equivalent to the financial guarantee.