Egypt announces USD 2 billion textile city

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Government of Egypt has made a plan for the construction of the largest textile and garment city in Egypt, which will cover an area of 3.1 million square meters in Sadat City, located in Monufiya governorate. The project will be started from early March of running year, which will include 568 factories with total paid-up capital of US$2 billion, 87 percent of which is foreign investments while the remaining 13 percent is local investments, Trade and Industry Minister Tarek Qabil said this recently on an announcement.

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The $2 billion will be pumped in over a period of seven years and  the city would provide direct employment of up to 160,000 jobs, with a total annual production value of $9 billion.

The new city is one of the major projects planned in Egypt and will include all necessary services and a training school on the latest technology in the spinning and weaving industry, said Qabil.

The project will be implemented in five stages and the first phase is planned for 2020 and includes 57 factories with total investments of US$230 million. The fifth and final phase of the project will be completed in 2024.

Al-Sisi expressed Egypt’s willingness to participate in financing the project by 50 percent and that the project implementation period would be reduced from seven years to one and a half years.

According to the minister, the number of factories registered in the region amounted to 632 factories with a total investment of 24.5 billion pounds in the sectors of spinning, weaving and building materials such as iron, steel, ceramics, porcelain, glass, chemical industries, engineering industries such as electrical appliances, automotive components and food industries. Indirect employment amounts to about 200,000 jobs.

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