EGYPT GOVERNMENT MULLS TEXTILE SUPPORT AS KEY REFERENDUM IS STAGED
January 1st, 2014
The Egyptian government has been mulling paying financial assistance to struggling state-owned textile factories, but ongoing political unease surrounding a key referendum has delayed such plans. In December, 2013, the government announced it was planning to work with banks to provide Egyptian Pounds EGP5 billion (USD725.7 million) to restructure indebted state-run textile manufacturers, which employ some 60,000 people. But as of this week, such plans to restructure the textile sector have still not gone ahead. “The government has been saying nice statements ...
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