Cairo Cotton Group earmarks $100 million for new investments in Egypt

Cairo Cotton Group, an exporter to Levi Strauss, Calvin Klein, and other international brands, is planning to pump new investments worth $100 million into Egypt before the end of the current year, its chairman announced Sunday.

Magdi Tolba, chairman of Cairo Cotton Group, further told Amwal Ghad that the new investments would be directed to open the second phase of the group’s factory in Obour City.

Tolba further said the first phase in Cairo Cotton Group’s factory was completed five years ago on a space of 70,000 metres and at an investment cost worth $80 million.  The planned expansions will boost the factory’s production capacity to 50,000 instead of 20,000 pieces of clothing per day, he added.

Cairo Cotton Group expects to complete the new extensions in its factory by the end of 2017, Tolba stated.