Only a fraction of the targeted sales to Gulf investors have materialized over the last year, largely due to a general lack of agreement and volatility of the Egyptian economy
The spokesperson for the Ministry of Public Business Sector Mansour Abdel-Ghani announced that textile factories for the state project to develop the spinning and weaving sector will be opened in July.
The announcement comes as the government is moving to reduce the state’s footprint in the economy, and includes two military-owned enterprises and three banks.
Central bank interventions have so far been unable to stem the tide of inflation, and Egypt is also contending with the devaluation of the Egyptian pound.