Cairo - Mubasher: The Egyptian Minister of Public Business Sector, Hisham Tawfik, witnessed the signing of contracts for the establishment of seven new factories for Misr Spinning and Weaving Company in El-Mahalla El-Kobra and Damietta Spinning and Weaving Company at a total construction cost of EGP 2.6 billion. 

The agreements were signed by Ahmed Mustafa, Chairman of Cotton & Textiles Industries Holding Company, and Osama Beshay, CEO of Orascom Construction, according to a statement by the Ministry of Public Business Sector on Monday.

This is part of a comprehensive plan to upgrade the textile and cotton industries, including the renovation and re-construction of 65 buildings in collaboration with major construction companies.

The deals include the establishment of three new factories for Misr Spinning and Weaving Company in El-Mahalla El-Kobra over an area of about 102,000 metres and four factories for Damietta Spinning and Weaving Company over an area of around 79,900 metres. 

Tawfik said that the ministry is finalising procedures to obtain a EUR 540 million loan from European banks to purchase new machinery and equipment.