CAIRO: The Egyptian Government has created a five-year plan for the development of spinning and weaving companies established in northern Egypt, informed Ahmed Mostafa, Head of the Cotton and Textile Industries Holding Company.
He said that to execute his plan, LE 20 billion is needed. The issue came to surface during the Parliament’s local administration committee’s meeting to discuss a complaint regarding the misuse of state’s lands affiliated with a spinning and weaving company in Beheira governorate.
The complaint was about the misuse of land by selling and leasing them for personal purposes. Mostafa agreed to these complaints and said these were true, the matter was under investigation.
He said that the government has already started working on the issue through development plans made especially for the spinning and weaving companies in Egypt so that this sector regains its grandeur.
Mostafa said that some area of the companies’ land would be utilized to get LE 20 billion required for financing the government’s plan for development of weaving and spinning industry in north Egypt areas like Beheira, Gharbia and Alexandria.
He informed that the government plans to return back these governorates its glory pertaining to the spinning and weaving industry.
Gharbia governor Ahmed Sakr had earlier informed that an industrial zone dedicated to weaving, spinning and ready-made garments would be established in Mahalla. The project would consist of three industrial zones with the goal to develop Egyptian industries of the private sector.
This project has the potential to attract new investments worth LE 2 billion, 25,000 new jobs would be created and more than 100 new spinning and weaving factories would be established.