Egypt is studying a proposal to build a spinning and textile mill at a 20,000-square-meter area located in the Beni Suef Governorate. The entire project is estimated to cost around USD 72 million, according to an official source.
Speaking to Zawya, Alaa Omar, governorate investments official at Egypt's General Authority for Investment (GAFI), said the proposed facility seeks to increase the added-value of the internationally known, high-quality Egyptian cotton.
"The project is also anticipated to become an important employment generator for Beni Suef residents and a significant contributor in developing the industrial sector of the area," said Omar.
He also confirmed that the industrial area of Kom Abu-Radi at Al-Wasiti Center in Beni Suef Governorate will be the likely venue of the textile facility, adding that GAFI is still determining the project's scope of regulations and date of offering to investors.
A recent study issued by the General Union for Spinning and Textile indicated that the volume of losses in this sector has reached EGP 17 billion from 2000 until present.
© Zawya 2013
