Boutros Ghali: 450 Million Pounds for the Export Support Fund

The Ministry of Finance in an official statement yesterday, the government's keenness to support the textile industry and the preservation of the employment in this sector, where they have already spend 50 million to the textile companies exports.in addition to 344,7 million to support the differences in the purchasing prices of the cotton crop from the farmers.

In addition to giving about 69,7 million pounds to the ministry of agriculture to distribute it among the
farmers, bringing what has been made available during the current fiscal year to support the differences in
prices leftover cotton for about 144,7 million pounds and 200 million pounds last year.

Dr. Boutros Ghali said that the global market data for the textile industry has revealed the continuing
repercussions of the global crisis on this important industry,where there is a production capacity that
increases by 20 % on the rates of the global consumption of yarn and textiles and that what causes the
imbalance between supply and demand and put pressure on world prices of yarns,which has dropped significantly & would require any incentives granted to the industry which is one of the labor- intensive industries, especially under the light of the support provided by the countries produce yarn that compete for the spinning and weaving industry in Egypt.

Mr. ATef Malash, Head of the General budget in the Ministry of Finance, said that disbursement of cash support for the textile exports will be according to the rules approved by the board of directors of the fund.also supporting the leftover cotton established by 150 pounds for each kantar submitted to the domestic spinners, referring to the positive reflect on the status of the textile companies that took the advantage of the support programs for the textile exports in the past period, where date and reports of the holding company for spinning & weaving confirmed high sales of the business sector by about 50 % due to the utilization of the export program at rates higher than that in the private and investment companies, with the stop of importing yarn drawing that contained a large proportion, resulting in an unprecedented boom in the companies sector.