Ahmed Mostafa, Chairman of the Board of Directors of the Cotton & Textile Industries Holding Company, said that a loan of 185 million Euros was signed by Italian institutions last month
The Cotton & Textile Industries Holding Company, one of the Ministry of Public Business Sector‘s companies, is getting a loan from Italian financial institutions to complete the government's plan to develop machinery for spinning and weaving factories, according to local media outlets.
Ahmed Mostafa, Chairman of the Board of Directors of the Cotton & Textile Industries Holding Company, said that a loan of 185 million Euros was signed by Italian institutions last month to complete the sector's factories development plan.
Mostafa also stated that the loan would be obtained within 3 months at the latest, explaining that it is the second tranche of a total investment worth 540 million Euros. The company aims to use the investment for the purchase of modern machinery for spinning, weaving and clothing companies, within the framework of development implemented by the Ministry of Public Business Sector.
The framework to develop the textile industry in Egypt includes completing the development of 7 new mills to provide clean and traceable cotton as inputs for the spinning, weaving, dyeing and processing industries, with the aim of providing quality goods for the ready-made garment industry.
The development plan also aims to double the production capacities of the mills and factories, to about 4 million quintals of cotton annually up from 1.5 million quintals.
