Five Egyptian banks have extended loan to the tune of Eg£ 1.25 billion to set up a plant for production of ethylene, which has wide usage in the textile industry.
The new ethylene project to be established with an investment of US$ 1.9 billion will create job opportunities for about 10,000 Egyptians, according to Petroleum Minister Osama Kamal.
The plant will use latest technology for production and will produce products that have not been produced in Egypt so far.
The loan agreement was signed in the presence of Prime Minister Hisham Qandeel.
Fibre2fashion News Desk - India