The textile company in Mahalla, specialized in furnishings production, has ceased production due to its debts to banks. This hampered production has listed it down as one of the main faltering textile companies. During a meeting the minister held with the heads and representatives of 12 banks, there remarks came to help the company.
In order to reconcile the pecuniary debts, the government intends within days to conclude a loan agreement of EGP 50m ($7.1mn) to the company. The agreement includes 12 banks in coordination with the Central Bank and comes with consideration for the importance of supporting companies that are at the beast of Egyptian industry.
Minister of Foreign Trade and Industry Mounir Fakhry Abdel-Nour said that the loan aims to restart the companiesâ€™ production lines gradually. A new board will be appointed, headed by the former chair of the Textile Holding Company Mohsen El-Gilany. He is responsible for reopening production lines based on an economic study, aiming to retain the companyâ€™s position in the domestic and foreign markets.
Abdel Nour also stressed that the ministry is seeking solutions for the struggling companies to return them to production, in the interest of both the companies and labour rights. He also referred to coordination with banking sector leaders in offering new financial tools to assist in reopening these companies. He highlighted the governmentâ€™s interest in supporting domestic industry, especially in this critical situation.
According to the Ministry ,in order to maintain the domestic industry and iniquitous contest owing to dumping, trafficking or fraud, it would not hesitate to embark on any decisions.
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