Egyptian Industries chambers reject monetary donations to ‘Billion EGP Initiative’

Several chambers of the Federation of Egyptian Industries (FEI) have voiced opposition to donating to the “Billion EGP Initiative”, introduced by the FEI Board of Directors.

The Leather Industry Chamber has called for an extra meeting of its general assembly to discuss whether a donation should be made on its part or not.

The head of the Leather Industry Chamber, Gamal Samalouti, said the leather industry has not yet recovered from its economic problems. Many of these are related to the high volume of foreign imports in the domestic markets, and the continued lax enforcement at customs outlets.

He added that that leather industry sales fell over 35% because of their inability to compete against foreign import. Samalouti added that in light of these crises it is difficult for the local investor to provide donations.