Five year plan to develop spinning, weaving companies in northern Egypt

During the Parliament’s local administration committee’s meeting held to discuss a complaint regarding the misuse of state’s lands affiliated with a spinning and weaving company in Beheira governorate. The government has come up with a five year plan to develop spinning and weaving companies in northern Egypt, said Head of the Cotton and Textile Industries Holding Company Ahmed Mostafa on Wednesday.

According to the complaint, these lands were being sold and leased for personal purposes. Mostafa agreed that there was a misuse of these lands and that the issue was under investigation.

The government is working on solving such issues through development plans for spinning and weaving companies across the country so that the sector regains its glory. This five year plan need finance of about LE 20 billion.

He said that some of the companies’ lands will be used to secure the LE 20 billion needed to finance the government’s plan to develop the spinning and weaving industry in the north Egyptian governorates of Alexandria, Beheira and Gharbia.

The government aims to make these governorates attractive once again to the spinning and weaving industry.

In November, Gharbia Governor Ahmed Sakr said that an industrial zone for spinning, weaving and ready-made garments would be established in Mahalla.

The project comprises three industrial zones aiming to attract new investments of some LE 2 billion, create 25,000 jobs and establish more than 100 new spinning and weaving factories to develop the Egyptian industries with the participation of the private sector.