100 Million USD to be invested in Misr Mehalla spinning and weaving
The Misr Spinning and Weaving Company was founded in 1927 by the late political/economic visionary Mr. Talaat Harb to help to encourage industrial and modernization initiatives that were leading Egypt from an arable economy to an industrial state.
Egytex News Desk
Egytex
After the nationalization in 1961, it has remained in public sector hands ever since, although completely supervised by the local business sector to help in insuring its constant proactive and expanding horizons.
The Misr Spinning and Weaving Company is the largest enterprise of its kind in Africa and Middle East, spreading over 600 acres and employing in excess of 28,000 workers.
It is the Egyptian textile sector flagship and probably the largest operating textile entity world wide has the largest share of approximately 32% of Egypt's total exports of cotton yarn. It is said to be the Egypt’s upstream textile hub.
Misr Spinning and Weaving Company, currently is facing a critical financial crisis due to the unavailability of funds to purchase cotton. The government has decided to sell excess land that worth’s 100 Million USD to finance the company working capital with 35 Million USD and the rest to pay off debts to financial institutions.
From the Egytex news archive, first published on 19 February 2006. Figures and names are as reported at the time.
