Damitta Furniture City, Banque Misr sign cooperation protocol to fund small manufacturers

Minister of Trade and Industry Tareq Qabil said Monday the inauguration of New Damietta Furniture City is expected to take place in less than a year as construction works are expected to be finalized within a month in preparation for transfer of equipment and machine testing.

The remarks were made by the minister during a ceremony to sign a cooperation protocol between Banque Misr and Damietta Furniture City Company to fund small manufacturers in the new city.

The ceremony was attended by Minister of Planning Ashraf el Arabi, Damietta Governor Ismail Taha and Deputy Governor of the Central Bank of Egypt Gamal Negm.

The agreement was signed by Damietta Furniture City Board Chairman Osama Saleh and Banque Misr Board Chairman Mohammed el Etrebi.

An Egyptian technical team has been dispatched to Italy to receive a training on labs used to test furniture quality that would help in elevating the standards of the industry, said the minister.

The protocol aims at providing the necessary funds for small and medium-scale manufacturers with the state-of-the-art equipment to modernize the industry and motivate exportation, added the minister.

In July, the General Authority for Investment and Free Zones established the Damietta Furniture City Company with a capital of EGP 5 bn and an issued capital of EGP 521 mn, Damietta Governor Ismail Abdel Hameed Taha said.

Damietta governorate owns 40% of the company’s shares (the land value), the Arab Investment Bank 40%, Ayadi Company for Development and Investment 15%, and the Trade and Industry Ministry’s General Authority for the Execution of Manufacturing and Mining projects 5%.

The cabinet had approved the land value for Furniture City last month.