According to a report by the Egypt Post on January 21, the Egyptian government is considering injecting 5 billion Egyptian pounds (US$723.6 million) to revive the state-owned textile industry. An official from the Egyptian National Investment Bank revealed that a number of banks, including the National Bank of Egypt, are negotiating to jointly provide financial support for the revitalization of the textile industry.
The textile industry was originally one of Egypt’s pillar industries, providing Egypt with a large amount of fiscal revenue and jobs. Due to the political turmoil and economic recession in the past three years, Egypt’s textile industry has been in a trough. Most of the textile factories have been closed. Some of the survivors are state-owned enterprises acquired by the government through judicial decisions after privatization and restructuring.
