Egypt Lifts Safe Guard Measures on textile Imports
Egypt's minister of Foreign Trade and Industry, His Excellency Minister Rachid Mohamed Rachid, announced today the approval of allocation of 325 Million Egyptian Pounds (58 Million USD) to be used as direct subsidy to Egyptian spinning mills.
Egytex News Desk
Source: Ministry of Foreign Trade and Industry
Effective April 1st Egyptian spinners will receive 2.75 Egyptian Pounds (0.49 USD) per Kilogram of yarn made of Egyptian Cotton.
This direct subsidy is meant to help increase the sector's competitiveness and protect it from unfair competition of subsidized imports.
The above has been implemented simultaneously with the cancellation of safe guards that were recently imposed by Egypt on yarn and textile imports.
Source: Ministry of Foreign Trade and Industry
From the Egytex news archive, first published on 7 April 2009. Figures and names are as reported at the time.
