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Government sanctions revival funds for two textile mills
20
Jul '09
The Egyptian government in a bid to revive its faltering textile sector has sanctioned a huge amount to revive Misr Textile Mills and Kafr El Dewar Textile Company in the country.

The government had earlier cancelled a huge debt of US $900 million of Misr and is now once again funding the mill to buy new technological machinery for all its departments in order to make it competitive.

With the installation of new machinery, Misr is expected to roll out high value added products and slowly phase out production of the traditional textiles to make it able to withstand competition from other countries.

Kafr El Dewar spinning and weaving mills also has a debt of an awesome $520 million and the government is also funding this mill in a bid to reduce the debt burden and make the operations of the mill viable.

Fibre2fashion News Desk - India

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