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ALEXBANK and Filmar Nile Textile sign agreement

A tripartite agreement has been signed between The Egyptian Ministry of Education, ALEXBANK and Filmar Nile Textile S.A.E. to support the training of students in long staple cotton cultivation and the development of the textile industry in Egypt.

Leveraging on the‘ Cotton for Life’ initiative, the Egyptian Ministry of Education signed a long term agreement with ALEXBANK and Filmar Nile Textile – Filmar Group- in order to enhance the competitiveness of Egyptian cotton textiles in the global market.

The agreement was attended by Dr. Mahmoud Abu El Nasr, Minister of Education; Mr. Paolo Vivona Chief Risk Officer and Executive Board member  of ALEXBANK ; Mr. Vincenzo Gaspari ,CEO of Filmar Nile Textile and Marco Marzoli , Managing Director of Filmar Group.

This is a 5 year agreement intended to support the “cotton for life” project, whose aim is the cultivation of Egyptian long staple cotton and the promotion of the textile industry at large. To achieve this, the provision of skilled labor and training on the use of advanced textile machinery is required. Thus, the agreement is meant to feed the development of students’ skills in agricultural schools as well as their training to the best cultivation methods, in order to attain high quality crops and qualify for global market competition. These schools will fall into the geographical scope of the cotton-growing areas so that technical and agricultural education can match the international demand for high end products, building a bridge between Egyptian rural areas and the global markets.

The ultimate scope of the agreement is to maintain the edge of Egypt’s cotton industry, traditionally recognized in the world for its high quality.