Egypt: The International Finance Corporation has signed a memorandum of understanding with the Chamber of Ready-made Garments and Furniture of the Federation of Industries to stimulate foreign investment of $50 million in the textile industry

In Egypt, the International Finance Corporation (IFC) on Monday (December 19th) signed a memorandum of understanding with the Chamber of Ready-to-wear and Furniture of the Federation of Industries to stimulate foreign investment of nearly $50 million. in the textile industry over the next three years.

According to the details of the press release, the initiative will focus particularly on the development of technical and specialty textile value chains. This different product category than fashion textiles is designed using new technologies to provide textile solutions for a specific need in the agriculture, medical or construction sectors.

“This new agreement will help create more export opportunities for Egypt to supply emerging and global markets,” said Cheick-Oumar Sylla, IFC Regional Director for North Africa.

As part of this ambition, the financial institution will work in collaboration with the Chamber of Clothing and Home Textile Industries (ECAHT) to rehabilitate the factories present in this segment of activity.

In addition, the IFC also plans to provide training and consultation to these factories as well as the necessary tools and technical assistance to enable them to increase their production capacity of technical textiles.

It should be remembered that in the land of the pharaohs, the textile and clothing industry accounts for 3.5% of GDP and 14% of total merchandise exports according to the Egyptian Council for the Export of Ready-to-Wear Products. (RMGEC).