Arab Finance: Dr. Mustafa Madbouly, Prime Minister, witnessed a ceremony signing a shareholder agreement to establish two new companies to establish two industrial projects with foreign investments in Egypt Company For industrial silk and polyester fibersIn the city of Kafr El -Dawar, Beheira Governorate, which is affiliated with the Holding Company for Cotton, Spinning, Weaving and Clothes; It is subject to the Ministry of Public Business Sector, in a new step towards strengthening the state's efforts to achieve environmental sustainability and support the green economy.
The two projects aim to exploit plastic waste and fabric waste by recycling to produce fiberbolster fibers and industrial bodies, which contributes to reducing carbon emissions, and providing industrial products that enter many biological industries locally and globally, and production lines in the two projects depend on European technology and achieve the highest quality and sustainability standards.
Dr. Mustafa Madbouly stressed that the two projects represent a strong addition to the state's efforts in promoting the shift towards the green economy, through innovative industrial projects that focus on recycling and achieving the maximum benefit from natural resources, stressing the government's commitment to supporting projects that contribute to creating new job opportunities, reducing carbon emissions and achieving sustainable development goals.
The Prime Minister pointed out that the exploitation of industrial and agricultural waste in an economic manner has become an essential pillar in Egypt's 2030 vision, in light of what these projects contribute to enhancing the competitiveness of Egyptian products in global markets and opening new horizons for export.
For his part, Eng. Mohamed Shemi stressed that the establishment of these projects is within the framework of the Ministry's plan to maximize the exploitation of the assets of subsidiaries and benefit from them in establishing production projects with high economic and environmental return, achieving sustainable development and expanding environmental friendly projects and enhancing the green transformation within the framework of the “Egypt 2030” vision.
The Minister of Public Business Sector explained that the projects will contribute to reducing dependence on imports in a large percentage, and Kafr El -Dawar will place the map of regional industrial centers specialized in the industries of fiberbolster and industrial bodies, adding that the establishment of projects near ports and major industrial areas provides great logistical benefits, calling on investors to expand such green industries that represent the future of the industry globally.
The first project will be held on an area of ​​25 thousand square meters at Egypt Industrial Silk Company, with investments of 1.1 billion pounds, and it aims to produce 30 thousand tons annually of fiberbolster fibers that are extracted from the recycling of plastic waste, which are included in many industries, including: clothes, mattresses, pillows, thermal insulators, lining and paving roads, carpets, carpets, car brushes, and buses. It is expected that the project will contribute to reducing the gap between supply and demand in the local market, with the export of 80% of production; With an annual sales value of about 800 million pounds. The capital of the project company is one billion pounds.
As for the second project, it focuses on recycling waste (protective and exhaust) fabrics to produce industrial cores used in aircraft industries, trains, metro, cars, buses, furniture, furnishings, and thermal insulators. It will be held on an area of ​​20 thousand square meters in Egypt Industrial Silk Company, with a total investment of 600 million pounds, and a similar production capacity of 30 thousand tons annually, while contributing to reducing a large percentage of imports, while targeting the export of 52% of production, and achieving annual sales estimated at 230 million pounds. The project company’s capital is 400 million pounds.
Related news
