ON MONDAY President Abdel-Fattah Al-Sisi inaugurated development projects in Menoufiya's Sadat City including a textile complex, schools and medical facilities in addition to a private steel plant. The president also opened the first complex of the Zewail University in 6 October City via a video link. The textile production complex, built on 3.1 million square metres, is a partnership between an Egyptian holding company and 25 Chinese textile companies. Feasibility studies of the complex are being currently conducted and it is expected the project will be funded through foreign investment, though Al-Sisi announced the government would be willing to provide up to 50 per cent of the financing if this means the project can be completed within 18 months rather than the projected seven years. Al-Sisi stressed that the pace of industrial development must be accelerated to absorb new entrants to the labour market. “During the seven-year timeframe for the industrial complex the population will increase by 14 million. These are the figures that must be kept in mind when planning such projects,” he said. The president also used the occasion to urge that Al-Galala University be partly completed by June so that it is able to receive students in September and stressed the government's commitment to building new, well equipped universities. Al-Sisi urged the public to donate more to the Tahya Masr (Long live Egypt) fund to finance the LE337 million campaign to overcome hepatitis Virus C and help overcome the LE4 billion shortfall in funding for the Zewail University. The new, privately-owned Beshay steel plant is built over 750 feddans and is expected to cover 60 per cent of Egypt's steel needs. Presidential Spokesman Bassam Radi pointed out that Sadat City produces goods worth more than LE66 billion annually and in the last two years 79 new factories have opened in the area. The inauguration was attended by the ministers of industry, housing, electricity and health alongside local MPs.
