Home / Knowledge / News / Textiles / Bank extends grace period to Mahalla textile units
Bank extends grace period to Mahalla textile units
Jun '11
Tareq Amer, President of Egypt's Ahly Bank, has said that the bank has decided to allow a longer grace period to Mahalla's spinning and weaving firms to pay back their loans.

He also said that the bank would provide extra credit to the firms which are affected by current stagnation in the local market, coupled with soaring prices of raw inputs and loss of some export markets.

While in a meeting with Mahalla's factory owners and investors in Gharbiya Governorate, Amer said that the bank has shown its willingness to resort to non-traditional solutions to prop up the industry and to provide necessary liquidity that the firms need to operate.

Further, Amer even called on the Government to relax the restrictions on the textile sector, and recommended that while adopting measures to safeguard the investors in the sector, the Government should consider reducing sales tax on production inputs and equipments.

He expressed his consent to work in association with the businessmen and Government to find out ways to revive the industry.

Moreover, he also proposed, that in order to equip the factories with better technology, a fund should be established, and added that his bank is ready to provide credit facilities of more than LE500 million to revamp the industry.

Fibre2fashion News Desk - India

Must ReadView All

Textiles | On 27th Jun 2017

Govt defers tax deduction at source provision under GST

E-commerce players in India will not be required to deduct tax on...

Apparel/Garments | On 27th Jun 2017

Future Group aims Rs 12,000 crore in fashion business

Future Group, which runs retail stores across India under various...

Textiles | On 27th Jun 2017

AEPC & NSDL to help exporters with GST compliances

Apparel Export Promotion Council (AEPC) and National Securities...

Interviews View All

Subhashini Srinivasan
The S Studio

Ethnicwear market will see an upward trend if uniqueness and quality are...

Frank Gossmann
Rotorcraft AG

‘RT3 motto is: Do not check millimetres, check colours.’

Abhishek Samdaria

GST will certainly reduce a lot of paperwork in future

Eric Scholler

The Indian market has huge potential in technical textiles, and by far,...

Silke Brand-Kirsch
Schlegel und Partner

Silke Brand-Kirsch, executive partner of Schlegel und Partner, a leading...

Johan Berlin
InvestKonsult Sweden AB

Investkonsult Sweden AB has been buying and selling second-hand textile...

Igor Chapurin

"Now we can see the Russian trend in international fashion. And Russian...

Tony Ward
Tony Ward

"You have to truly understand what your client wants, know her needs, what ...

Jay Ramrakhiani
Occasions Elegance Wear

It is believed that by early 19th century, Varanasi weavers had moved away ...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


Letter To Editor

(Max. 8000 char.)

Search Companies


news category

Related Categories:
July 2017

July 2017

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.


Browse Our Archives


E-News Insight
Subscribe Today and Get the
Latest News Update in Your Mail Box.
Advanced Search