Egyptian government denies privatizing spinning and weaving factories

CAIRO: The Egyptian Cabinet’s media center has denied reports on social media about the government privatizing spinning and weaving factories.
The Ministry of Public Enterprise Sector said that there was no validity to stories about privatizing spinning and weaving factories, and that these factories were operating normally. It said that a comprehensive plan was being implemented to develop the textile industry at an estimated cost of 21 billion Egyptian pounds ($1.3 billion) as it was one of the country’s most important businesses.
The development plan is based on modernizing the cotton circulation and production system, as well as developing gins, in addition to developing spinning and weaving companies and raising the efficiency of their workers.

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