Egypt implements stimulus plan to support the spinning industry
The holding company for spinning and weaving which is owned by the Egyptian Government has finished preparing the procedures of the competitive payment to spinning mills which is approximately 0.50USD/KG of cotton yarn that is sold locally in Egypt. The total cost of the Egyptian Government stimulus plan will exceed…
Egytex News Desk
Egytex
Sherif Hesni, the president of the exporting council for spinning and weaving " has mentioned that the procedures of payment has been sent to the council, and factories have been informed by this to prepare the necessary documents to get the competitive payment, and also stated that the factories will give these documents to the holding company, that proves that these factories have already bought Egyptian cotton, and paid sales tax on their local sales of cotton yarn.
From the Egytex news archive, first published on 21 May 2009. Figures and names are as reported at the time.
