The International Finance Corporation (IFC) will help Egypt in developing a technical and specialized textile supply chain. International Finance Corporation is a finance arm of the World Bank.

Technical textiles, manufactured using natural and manmade fibers, are engineered products with a specific functionality in the agricultural, medical, construction or clothing sectors, among others.The agreement would contribute to creating more export opportunities for Egypt to supply emerging and global markets and aims at attracting $50 million in new investments into the Egyptian market by 2026 by supporting local companies’ ability to fulfill the increasing demand for technical textiles.

IFC will work on increasing the production capacities of local factories to turn Egypt into a link in the supply chain for Arab and other markets.IFC will extend training and consultations to factories as well as the required studies and technical assistance with the objective of merging Egypt into the global supply chains.

Egypt’s total exports increased by 48 per cent in 2021. This was helped by a rise in exports of fuelsfollowed by exports of raw cotton. Egypt’s exports of made-up garments also saw a notable increase. Packaged clothing exports were on the list of the most important Egyptian exports of finished goods and these increased by about 45 per cent.