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New technical textile project in Egypt to attract $800 mn investments

08 Dec '21

1 min read

Pic: Ashfaq Ali | Dreamstime.com

A new project on upgrading supply chains in technical textiles industry has been launched in Egypt by the Egyptian Chamber of Apparel and Home Textile Industries (ECAHT), in collaboration with the International Finance Corporation (IFC), a member of the World Bank Group. The project is likely to attract investments of about EGP 12.6 billion ($800 million).

The project aims to boost Egypt as a hub for production and export of technical textiles, while attracting foreign investments and boost exports.

At present, technical textile exports from Egypt are currently pegged at $750 million per year, and are growing at an annual rate of 51 per cent, Egyptian media reports quoted ECAHT chairperson Mohamed Abdel Salam as saying.

Technical textiles are produced using both natural and man-made fibres. These functional fabrics have applications across various industries including automobiles, civil engineering and construction, agriculture, healthcare, industrial safety, personal protection, etc.

Fibre2Fashion News Desk (RKS)