Egypt to sell valuable cotton land to bolster the textile industry
Egypt announced that it will sell 14 tracts of land where it stores its industrial cotton gins to compensate for the heavy losses suffered by the textile industry.
CAIRO — Egypt’s Minister of Public Business Hisham Tawfik said Sept. 17 that Egypt will sell 14 tracts of land where it stores its industrial cotton gins in a bid to overhaul and develop the textile manufacturing industry. The land is worth 27 billion Egyptian pounds ($1.51 billion). The industry suffered losses of 2.7 billion Egyptian pounds from 2016-2017.
Tawfik said the plan to bolster the Holding Company for Spinning and Weaving will be funded from the proceeds of selling the cotton gin lands. He added that the development project will cost an estimated 25 billion Egyptian pounds. Though there is no prospective buyer for the land, the government plans to change the land's purpose from industrial to real estate.
