Egypt Denies Privatizing Spinning, Weaving Factories

The Media Center of the Egyptian Cabinet denied rumors about the government's tendency to privatize spinning and weaving factories.

The center said in a statement on Friday that it had contacted the Ministry of Public Business Sector, which denied the news, confirming that there is no truth to privatizing spinning and weaving factories.

The ministry explained that the factories are operating normally and regularly, indicating that a comprehensive and unprecedented plan is being implemented to develop the textile industry at an estimated cost of EGP 21 billion, as it is one of the most important Egyptian industries.

The development strategy is based on modernizing the cotton circulation and production system, as well as developing gins, and raising the efficiency and skills of employees.

Within the framework of the state's plan to develop ginning, as it is the first link in the chain of spinning and weaving industry, the development of the first ginning industry in Fayoum Governorate has been completed, and the development of three ginns in Lower Egypt is being completed, provided that the development of three other gins has started, while work is also underway to merge a number of companies to improve their performance.

The Ministry called on all media outlets and social media users to investigate accuracy in publishing news, and to communicate with the concerned authorities before publishing information that is not based on any facts leading to a negative impact on public opinion.