17 January 2019
Construction of the first phase of Egypt's textile and garments city in Sadat City is 50 percent complete and the entire phase scheduled to be finished by the end of 2019, the country's trade and industry minister said.
Addressing a press conference on Wednesday, Amr Nassar said the Engineering Authority of Egyptian Armed Forces has completed 50 percent of the first phase, which spans an area of 600,000 square metres (sqm) and would house 150 factories when fully complete by the end of this year.
He said the entire project is being developed at a total cost of $2.1 billion over an area of 3.1 million sqm and would house a total of 592 textile units.
The minister noted that construction of the project began in September last year after the ministry and the Chinese side jointly agreed to appoint a state-owned Chinese company as guarantor for the project's implementation.
Chinese textile company Man Kay is implementing the project over a four-year period, he added.
Nassar also disclosed that Man Kay has sold 48 units of the first phase and is in negotiations for selling an additional 60 units, adding that the Chinese firm is expected to participate in the ongoing Rubiky Leather City project.
(Reporting by Eman Hamed; editing by Anoop Menon)
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