Egypt to spend LE24 bn to modernise textile, cotton units

Fibre2Fashion: Egypt has chalked out a plan to spend 23-24 billion Egyptian pounds (LE) on modernising the state-owned textile sector, according to head of the Cotton and Textile Industries Holding Company (CTIHC) Ahmed Mostafa. More funds may be spent later. The plan includes modernising CTIHC and more than 30 other companies under the ministry of public enterprise sector.

CTIHC has started evaluating a large number of its plots for sale and to provide the necessary funding to implement the modernization plan, Mostafa told an Egyptian newspaper.

The number of cotton ginning facilities will be reduced from 25 to 11, to be located in governorates that cultivate cotton, he added.