Minister of Investment Ashraf Salman and Minister of Planning Ashraf El-Araby have agreed the National Investment Bank (NIB) will finance the operation of Misr Spinning and Weaving Company.
The agreement, which makes use of the Ministry of Planning affiliated bank, comes within the government’s efforts to restructure the company and raise its production capacity, according to a Ministry of Investment press release on Sunday.
It was agreed to develop a plan to train workers and solve problems relating to raw materials necessary for Misr Spinning and Weaving Company, Salman said.
“We are holding discussions to develop the Iron and Steel Company through the import of raw materials, maintenance of the company’s equipment, the training and rehabilitation of workers and opening the door for cooperation with a number of other entities to multiply production within a comprehensive plan for the development of the industry,” Salman added.
According to a joint ministerial statement Sunday, the ministers met to discuss the mechanisms of the development and treatment of issues of both Iron and Steel Company and the state-owned company Misr Spinning and Weaving.
This occurred in the presence of Zaki Bassiouni, Chairman of Holding Company for Metallurgical Industries, Ahmad Mustafa, Chairman of the Holding Company for Cotton, Textile and Clothing, chairman of Al-Mahalla Spinning and Weaving Company, president of Iron and Steel Company, and a number of officials of NIB.
Salman said the iron and steel industry is a strategic industry, and its total production should be raised to meet the current and future needs of the Egyptian market. This comes especially in light of the social and economic programme implemented by the government, and major projects especially infrastructure and real estate development projects.
The meeting included a reviewing of detailed studies to improve the efficiency and increase the productivity of Misr Spinning and Weaving in Mahalla Al-Kubra. It was used to discuss the challenges facing the Egyptian Iron and Steel Company and methods of meeting them, while also discussing the best solutions and alternatives for the advancement of the industry.