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IFC to help Egypt's garment-textile chamber attract $50 mn FDI by 2026
22 Dec '22
1 min read
Pic: Shutterstock
The Readymade Garment and Textile Chamber of the Federation of Egyptian Industries (FEI) recently signed a cooperation protocol with the International Finance Corporation (IFC) to develop value chains in the technical and specialised textile industry in Egypt. IFC will help the chamber attract foreign direct investment to Egypt worth $50 million by 2026.
It will assist the chamber rehabilitate factories and provide them with the technology, technical expertise and training to master the sector.
Vocational training will be offered to raise skills of workers in these specialised fields, head of the chamber Mohamed Abdel-Salam said.
Oumar Sylla, IFC's regional director for North Africa and the Horn of Africa said Egypt will be a station for manufacturing raw materials in the Arab region and surrounding areas thorough IFC assistance.
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