By Ibrahim al-Masri
The government has taken measures to help put an end to the country’s spinning and weaving crisis, set to take effect in the coming months. The Spinning and Weaving Workers Union, along with the Ministries of Investment and Manpower and Immigration, agreed to provide EGP 60m in material support to 32 public sector spinning and weaving companies by the end of August.
Abdel Fatah Ibrahim, member of the Board of Directors for the Egyptian Spinning and Weaving Company, and President of the Spinning and Weaving Workers Union, also agreed with the Ministry of Finance to provide EGP 80m per year in rewards to employees and workers.
He called for additional steps to be taken by the cabinet’s Textile Industry Salvation Committee to continue to help redevelop and restructure, both administratively and financially, Egyptian spinning and weaving companies, for the purpose of making them more competitive on the international market and achieving higher profit margins.
This comes as the government seeks to put in place a new restructuring and development plan for public sector companies, in addition to companies that have returned to state ownership after being privatised, for the purpose of ending the country’s labour crisis.