CAIRO: Head of evaluation committee of public enterprise sector, Chancellor Mustafa Abu Safy, said this stage in Egypt's economic growth is critical because of the lack of new investments in textile companies. He suggested the state pump billions of EGP into major companies such as Misr Company for Spinning and Weaving in Mahalla al-Kubra and in Kafr al-Dawar. Aby Safy suggested proposals put forward by public sector textile companies, such as offering shares to the public will ease the situation and preserve public money. He denied the intention of the public enterprise sector and the Holding Company to sell textile companies as a solution to the sectors' financial problems. On the crisis of the spinning and weaving company, abu Safy said the company is awaiting the Minister of Finance, Dr. Samir Radwan's, decision to increase financial support for local yarn. Mustafa Abu Safy is a member of the Board of Directors of the Holding Company for spinning, weaving and clothing.
