Egyptian govt denies privatizing spinning, weaving factories



The Egyptian Cabinet’s media center has denied reports on social media about the government privatizing spinning and weaving factories.
The Ministry of Public Enterprise Sector said that there was no validity to stories about privatizing spinning and weaving factories, and that these factories were operating normally. It said that a comprehensive plan was being implemented to develop the textile industry at an estimated cost of 21 billion Egyptian pounds ($1.3 billion) as it was one of the country’s most important businesses.
The development plan is based on modernizing the cotton circulation and production system, as well as developing gins, in addition to developing spinning and weaving companies and raising the efficiency of their workers.
Within the framework of the state’s plan to develop ginning — as it is the first link in the chain of the spinning and weaving industry — the development of the first ginning industry in Fayoum Governorate has been completed, and the development of three in Lower Egypt is being completed. This is provided that the development of three other gins has started, in addition to work toward the completion of the development plan for cotton gins nationwide.
Work is also underway to merge a number of spinning and weaving companies to improve performance.
The head of the Holding Company for Spinning and Weaving, Ahmed Mostafa, said that spinning and weaving had been a long-standing industry in Egypt for more than 100 years, but it had been neglected, in addition to a lack of investment in machinery.—AP

Previous articleUK banks face pressure over loans to Myanmar military-linked firms
Next articleFIA begins probe into ‘flawed planning’ for repair of 11 PIA planes