HTEC demands CBE add exporters to SME’s finance initiative

CAIRO – 12 December 2017: 40 companies are set to participate in the latest “Heimtextil-International Trade Fair for Home and Contract Textiles” exhibition, scheduled to be held Frankfurt, Germany between January10-13, 2018, the Home Textiles Export Council (HTEC) said on Monday in a statement.
The statement added that Egypt will take part in the annual international exhibition specialized in carpets DOMOTEX in Hanover, Germany.
HTEC demanded a meeting with Governor of Central Bank of Egypt (CBE) Tarek Amer to discuss a mechanism that would enable exporters of home textiles to benefit from the CBE’s initiative of facilitating funds for industrial sector.
In January 2016, President Abdel Fatah al-Sisi announced Egypt’s banking sector will inject LE 200 billion to support small and medium-sized enterprises (SME).
Head of HTEC Said Ahmed said according to the statement that there are surpluses in the allocations made for SME’s by CBE, which could be used for establishing new production lines, raising the production capacity in addition to creating new jobs.
Export councils were assigned by the trade ministry to prepare sectoral plans including ways to increase Egypt’s exports globally.
Industry and Trade Minister Tarek Kabil said in November that his ministry aims to double exports during the coming period, highlighting the role of export councils in tackling the challenges facing Egyptian exports abroad.
“Home textile sector need the CBE’s initiative more than any sector else as it face a brutal competition with products from East Asia states,” Said added.
Exports of the home textiles sector increased by three percent in the first nine months of 2017 to reach $375 million, compared with $365 million in the same period last year, the Egyptian Home Textile Export Council (HTEC) said in late October.
The council aims to increase its exports to some $600 million by the end of 2017, recording an increase of 14 percent, head of the HTEC Saeed Ahmed said.