IFC signs protocol to attract $50mln into Egypt’s textile industry by 2026

The International Finance Corporation (IFC) has signed on Monday a cooperation protocol with the Ready-Made Garment Chamber of the Federation of Egyptian Industries aiming to attract $50 million in new investments by 2026.

The deal aims to develop Egypt’s technical and specialized textile supply chain, according to Egyptian Chamber of Apparel and Home Textile Industries (ECAHT) statement.

IFC will work in cooperation with the ECAHT in rehabilitating factories and providing them with the technologies, technical expertise and studies required to master those industries.

Under the protocol, the IFC will work on increasing the production capacities of local factories to turn Egypt into a link in the supply chain for Arab and other markets.

The agreement would contribute to create more export opportunities for Egypt to supply emerging and global markets, the IFC’s Regional Director for North Africa Cheick-Oumar Sylla said.

ECAHT’s head added that IFC will extend training and consultations to factories as well as the required studies and technical assistance with the objective of merging Egypt into the global supply chains.

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