“The company, which is the largest yarn producer in Egypt, has recently
had difficulty competing with foreign imports due to its higher prices. . .
In statements to Al-Masry Al-Youm, Jilani said the price would be reduced from LE31.5 a kilo to LE27.5. . .
Meanwhile, Tareq Amer, president of the Ahly Bank of Egypt, said his
bank would extend the grace period for Mahalla’s spinning and weaving
companies to pay off their loans. He also said it would provide
increased credit to companies that currently suffer from local market
stagnation, greater raw material prices and the loss of some export
markets. . .
At a meeting with investors and factory owners in Mahalla in Gharbiya
Governorate, Amer said his bank is ready to adopt non-traditional
solutions to support the industry and provide the liquidity necessary to
operate the factories.
Amer urged the government to ease restrictions on the textile industry,
and suggested lowering the sales tax on production materials and
equipment while adopting measures to protect the sector’s investors.
He expressed readiness to work closely with both businessmen and the government to look at ways of revamping the industry. . .
Amer also suggested establishing a fund to provide factories with better
technology, adding that the bank is ready to grant credit facilities of
over LE500 million to modernize the industry. ”