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Egypt resolves to revive closed down factories
03 Jan '12
1 min read
In order to boost the development of trade and industry, the Egyptian government will try to resolve challenges faced by around 1,500 closed factories, which include those in the textile value chain.
This was revealed by Mahmoud Eissa, Minister of Trade and Industry, said in a statement. He added by saying that, the government will seek solutions on an urgent basis, so these closed factories may resume production at the earliest.
Abu El Sebaa, located in Mahalla and which was one of the biggest textile exporter from Egypt has been revived and resumed production recently.
The Industrial Development Authority (IDA) and the Industry Modernization Center (IMC) have been made the nodal agencies for the revival of these companies and will conduct due diligence of these factories once they receive the proposals from them.
Most of the factories were closed down on insistence orders from their respective banks as they could not pay off their debts.
Of the many which closed down, textile and apparel factories, constitute a good number.
This was revealed by Mahmoud Eissa, Minister of Trade and Industry, said in a statement. He added by saying that, the government will seek solutions on an urgent basis, so these closed factories may resume production at the earliest.
Abu El Sebaa, located in Mahalla and which was one of the biggest textile exporter from Egypt has been revived and resumed production recently.
The Industrial Development Authority (IDA) and the Industry Modernization Center (IMC) have been made the nodal agencies for the revival of these companies and will conduct due diligence of these factories once they receive the proposals from them.
Most of the factories were closed down on insistence orders from their respective banks as they could not pay off their debts.
Of the many which closed down, textile and apparel factories, constitute a good number.
Fibre2fashion News Desk - India
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