Ministry Of Finance
The Ministry Of Finance is happy to announce that it reached an agreement with CCCP- to sell 22 textile and cotton assets from the Cotton and Textile Industries Holding Company to our soviet partner for a price of 625mn EGP ($40mn). This will include the selling of some famous cotton and textile factories in Port Faud city, Gazl-Al Mahalla, Heliopolis, and Nasr City.
This move should drive growth and efficiency gains, raise important funds for the Egyptian government, and promote foreign investment in the economy. It will also further re-affirm the positive relationship between the Egyptian and the Soviet people.