Home Cotton Egypt’s cotton: Textile sector upgrade costs EGP 21 bln

Egypt’s cotton: Textile sector upgrade costs EGP 21 bln

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Egypt’s Minister of Public Enterprise Hisham Tawfik said it would take EGP 21 billion to upgrade the textile and cotton industries sector.

The plan to improve the sector covers the modernisation of factories infrastructure, purchasing upgraded equipment, and contracting consulting experts for the financial, marketing, and human resources departments, according to a Ministry of Public Enterprise statement issued on Saturday.

Tawfik clarified that the plan aims at building three integrated industrial complexes, allocating three zones for exports, and establishing three technical training centres.

According to the statement, the Cotton and Textile Industries Holding Company has approved its evaluation budget for fiscal year (FY) 2019/2020.

The company targets to increase revenues to reach EGP 2.5 billion, with a growth rate of 43 percent on FY 2017/2018, according to the company’s chairman Ahmed Mostafa.

The company also targets to decrease its losses to EGP 1.8 billion in FY 2019/2020, down from EGP 2.5 billion in FY 2017/2018, with an improvement rate of 29 percent.

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