Egypt will establish the biggest textile city in Sadat city on an area of 3.1 million sqm with total paid capital of $2 billion next March, the Minister of industry and trade Tarek Qabil said Monday.
He added that the new city would include 568 factories, referring that the investments would be injected over 7 years with 87 percent of foreign investments and 13 percent of national investments.
Qabil further clarified that the textile and clothing city will offer 160,000job opportunities, with an annualproductionestimatedat $9 billion.
Qabil added that the textile city is considered to be one of the most important major project that would encompass all the service including a school for training on the latest technologies in textile manufacturing.
“This project will be implemented by the Chinese company Man Kay for investment that has been working in the textile manufacturing field for more than 10 decades; the company owns 25 affiliated Chinese companies,” the minister explained.
The first phase will be completed in 2020 including 57 factories with total investment of $230 million, while the fifth phase will be finished in 2024.