Chinese Company to fund new textile city in Minya by $324M

20 Jan 2019

Cairo: The General Authority for Investment and Free Zones (GAFI) concluded the contract for the establishment of the first textile city in the Free Zones System in Minya Governorate and sent it to the State Council for review.

Sources told local newspapers that the contract will be signed within days or by the end of February maximum after a series of negotiations that lasted for several months.

The project is to be implemented by a consortium of the Egyptian International Company, Al Arafa Group, Giza Spinning & Weaving Co., Nile Company, and Dice Sport and Casual Wear.

A Chinese company has agreed to fund the new city, which has an investment of $324 million, the sources said.

The city will be built on 306 feddans, and a company will be established to manage the city and all parties will have equal shares in it.

The project aims to provide more than 17,000 direct jobs, in addition to indirect job opportunities, and targets exporting to overseas markets.

The Ministry of Investment and International Cooperation announced earlier that it seeks to establish seven free zones in Minya, South Sinai, New Ismailia, Giza, Gamasa in Dakahlia, Aswan and Kafr El-Sheikh. The seven regions are expected to include more than 1,000 projects, which will provide about 120,000 jobs.

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