An agreement to use part of a GBP5 million sterling British loan for a new Egyptian textile project as signed in Cairo yesterday (Thursday).
An agreement to use part of a GBP5 million sterling British loan for a new Egyptian textile project as signed in Cairo yesterday (Thursday). Originally, the loan was made last autumn. Now, at the request of the Egyptian Government, it will be partly used in building up an already important textile complex in Alexandria.
At yesterday's signing ceremony, Britain was represented by the Ambassador, Sir Philip Adams, and Egypt by Minister of Economy Mohamed Merzeban.
SYNOPSIS: In Cairo, the Egyptian Government has de???ded to use most of a five-million pound British loan on building up the textile industry.
British Ambassador, Sir Philip Adams, arrived at the Ministry of the Economy on Thursday to sign a new agreement with the Egyptian Minister Mr. Mohamed Merzeban. The loan was originally granted last autumn. Two textile projects benefitted immediately -- a jute manufacturing plant and a cotton mill. Thursday's agreement helps finance a third textile scheme -- this time for wool production.
Money from the loan will be used to expand a textile complex in Alexandria. The Egyptians will buy machinery to process wool waste and yarn which will then be exported. The loan was originally proposed by British Foreign Secretary Sir Alec Douglas-Home when he visited Cairo last September. Over half the five-million pound total has now been allotted to specific projects.