The meeting comes upon the request of the company to discuss with the minister the financial needs of the conglomerate in order to increase exports and maintain a leading position in the Egyptian textile industry.
The group asked the minister to approach Egyptian banks to convince them to unlock credit facilities for the company, which could be used to expand production and increase exports. The minister was welcoming and told them that national banks are willing to assist in all industrial sectors, including textile. She set a meeting for the group with leaders of public banks to discuss the group’s position.
During the meeting with the minister, the group reviewed its history in the Egyptian market spanning over eight years. During that time, Saif exported products valued at $230m. “Despite the challenging conditions, the group remains confident in the market and doubled its capital to reach $31.9m,” the delegation said.
The Egyptian state has been struggling to revive the Egyptian economy by enacting a series of reforms surrounding economic legislation, in an attempt to reassure local and international investors.