Cairo – Mubasher: The development of Cotton & Textile Industries Holding Company’s subsidiaries is expected to require EGP 21 billion investments through 30 months under the instructions of President Abel Fattah el-Sisi, chairman Ahmed Moustafa stated on Tuesday.
The holding company has requested a EUR 540 million guarantee from the Ministry of Finance for the payment of the price of contracted equipment, Moustafa added.
The top official revealed that his company paid EGP 24 billion debt through unexploited land and assets.
Earlier in December, Cotton & Textile Industries Holding signed a contract with PricewaterhouseCoopers (PwC) for the financial reconstruction and the merger of subsidiaries.
