Egypt investing EGP 21bn in developing cotton spinning, weaving companies

Egypt is carrying out a comprehensive and complete restructuring process, worth investments exceeding  21 billion Egyptian pounds for the ginning, cotton, spinning and weaving companies affiliated to the Minister of Public Enterprise Sector.

The minister said these comments during the celebration of International Cotton Day, which took place on 7 October, in which he also sought to promote Egypt’s strong return to the global cotton market.

Operation of the first developed cotton ginning factory in Fayoum has already started, he added, noting that three other developed factories in Sharkia, Beheira, and Gharbiya are expected to be complete by the end of 2020.

Three other developed cotton ginning factories are forecast to start operating in 2021, he revealed.

The plan involves merging 32 spinning and weaving companies into nine companies and upgrading the machinery and equipment which are being supplied by major international companies such as Marzoli, Benninger, and Regiany.