Italy to raise €15.5 million for Egypt leather industry in H2

Italy plans to secure a €15.5 million ($17.7 million) financial package for Egypt’s leather tanning industry in the second half of 2017, an official in the Italian embassy in Cairo said.

The package includes a €12 million loan aimed to support Egypt’s leather industry by upgrading the machineries and equipment, Francesco Pagnini, director of the trade delegation at the Italian embassy in Cairo, told Amwal Al Ghad on Monday.

Italy also seeks to provide a €3.5 million funding designated to support the leather industrial complexes in Al-Robeky City and the state-of-art centre leather industry centre in the 10 of Ramadan City, Pagnini added.

Trade exchange between Egypt and Italy registered €4.5 billion approximately in 2016, the Italian official said citing latest statistics.

A trade mission of Egyptian firms operating in leather tanning sector will visit Italy in February 2018 to take part in one of the biggest exhibitions in the country for leather industry, Pagnini said.