IFC, Ready-Made Garment Chamber team up to attract $50 mln into Egypt’s textile industry

Doaa A.Moneim , Monday 19 Dec 2022

The Ready-Made Garment Chamber of the Federation of Egyptian Industries announced on Monday the signing of a cooperation protocol with the International Finance Corporation (IFC), a finance arm of the World Bank Group, that aims to develop Egypt’s technical and specialized textile supply chain.



Technical textiles, manufactured using natural and man-made fibres, are engineered products with a specific functionality in the agricultural, medical, construction or clothing sectors, among others.

The deal would contribute to creating more export opportunities for Egypt to supply emerging and global markets, the IFC’s Regional Director for North Africa Cheick-Oumar Sylla said

He noted that the deal aims to attract $50 million in new investments into the Egyptian market by 2026 by supporting local companies’ ability to fulfill the increasing demand for technical textiles.

Under the protocol, the IFC will work on increasing the production capacities of local factories to turn Egypt into a link in the supply chain for Arab and other markets.

For his part, head of the Ready-Made Garment Chamber stated that the IFC will extend training and consultations to factories as well as the required studies and technical assistance with the objective of merging Egypt into the global supply chains.

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