The total cost of the factories is LE31 billion, including a €600-million loan that is being used in the purchase of machinery.
The General Authority for Free Zones and Investment (GAFI) hosted Sunday in Cairo the meetings of the Egyptian-Uzbek Business Council.
Three new cotton varieties were developed and registered, while Giza 98 variety is underway, bringing the productivity from 8 to 10 quintals per feddan.
The council said in a statement on Monday that the Egyptian textile and spinning exports increased by 26.5 percent to hit $176 million, compared to $132 million in 2021.
The spinning and textiles sector rose in 2021 by about 20 percent, recording $916 million, compared to $763 million in 2020, and the “home furnishings” sector achieved an increase of 35 percent to $651 million, compared to $482 million in 2020.
The agreement was inked with HSBC, UBS Group AG and Credit Suisse.
The contracts were signed between the Cotton & Textile Industries Holding Co. and Orascom Construction PLC.
The government is also working on another large textile enterprise.
The complex will be established on an area of 175,000 square meters and will comprise 6 factories for the spinning, weaving, knitting of fabrics as well as preparing of textiles for exportation.
During curfew hours, the Egyptian Armed Forces sterilized sites and streets that are subject to visitor density in Downtown and Old Cairo neighborhoods.
The event is organized by the Textiles, Apparel & Home Textile Export Council of Egypt in tandem with Vision Fairs company.
He said that the developed gin in Fayyoum and other new gins would produce pure cotton with special standards to help improve the price of exported cotton.
A British biotech startup is developing a method of textile dyeing that taps into the bright colors of birds and butterflies and has micro-organisms recreate them on fabric
The exhibition comes in light of Egypt’s strategic plan to be a trade hub serving the African countries.
The program targets boosting exports, creating jobs and raising incomes across the Middle East and North Africa region, the ITC website reported on Monday.
The textile exports rose by 5.5 percent to hit 288 million dollars in the first four months of 2018, up from 273 million dollars in the same period in 2017
The Restoration center at the (GEM) is close to put an end for the restoration process of the tunic discovered in King Tutankhamun’s tomb back in 1922.
A wrap-up of the most prominent business news of the day.
Egypt today sums up the key facts about the country’s largest textile and clothing city, located in Sadat City in Monufiya governorate.
A wrap-up for the most prominent business news of the day.