Egypt’s Minister of Industry and Foreign TradeTarekKabil announced Monday the start of the building procedures of the biggest city for textiles and clothing in Egypt on a land space of 3.1 million cubic meters in Al-Sadat city. “The city will contain 568 factories with $2 billion as a paid capital to be invested during seven years with 87 percentof foreign investment and 13 percent of national investment,”Kabiladded in a speech delivered in the presence of President AbdelFatah al-Sisi during hisvisit to Al-Sadat city.

Kabil further clarified that the textile and clothing city will offer 160,000job opportunities, with an annualproductionestimatedat $9 billion. “This project will be implemented by the Chinese company Man Kay for investment that has been working in the textile manufacturing field for more than 10 decades; the company owns 25 affiliated Chinese companies,” the minister explained.

“The project will contain five phases, where the first phase is set to be finished in 2020 with 57 factories and investments worth $230 million, while the last phase is scheduled to be completed in 2024, “Kabil stated. President Sisi announced that the government is ready to execute 50 percent of this project to speed up its implementation in a period of 18 months instead of seven years.

SOURCE:egyptdailynews

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