Egyptian Religious Authority invests in large economic project
Al-Ahram recently reported that Egyptian minister of religious affairs (Waqf) Mohammed Zaqzouq, stated that the authority plans to adhere to a new policy that calls for investment in major economic and manufacturing projects.
The objective of the new policy is to broaden employment opportunities for the younger population. One of the Waqf Authority’s initiatives was to purchased the Damanhour Carpets Manufacturing Factory from the Public Business Ministry for EP 50.1 million.
The factory, which had been unproductive in the past was reopened and is presently operating at full capacity due to the authorities’ efforts. The factory produces 60,000 blankets and other carpets annually, most of which are used in the mosques. — (Mena Report)
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