Prime Minister Mostafa Madbouly stressed the importance of addressing the implementation status of efforts to untangle financial obligations and settle debts between the Holding Company for Cotton, Spinning, Weaving and Garments and the National Social Insurance Authority in an integrated manner, in line with the state’s efforts to develop and restructure textile-sector companies and maximize the use of their available resources.
He said this would contribute to supporting the state’s plans to advance the vital textile sector. Madbouly made the remarks during a meeting he held Thursday, September 10, 2026, to follow up on the implementation status of efforts to untangle financial obligations and settle debts between the Holding Company for Cotton, Spinning, Weaving and Garments and the National Social Insurance Authority.
The meeting was attended by Deputy Prime Minister for Economic Affairs Hussein Issa, National Social Insurance Authority Chairman Gamal Awad, Assistant Prime Minister and CEO of the State-Owned Companies Unit Hashem El-Sayed, Chairman of the Holding Company for Cotton, Spinning, Weaving and Garments Ahmed Shaker, Assistant Minister of Investment Said Arafa, and a number of officials.
During the meeting, Issa reviewed the implementation status of efforts to resolve the financial entanglements between the holding company and the National Social Insurance Authority, as well as the measures taken to identify and settle the company’s outstanding obligations to the authority.
He said the process aims to eliminate existing financial entanglements in accordance with the applicable legal and financial frameworks while safeguarding the rights of all parties. The Deputy Prime Minister for Economic Affairs also stressed the importance of implementing cooperation protocols concluded between the two sides to resolve the financial entanglements and settle outstanding debts.
He said work is underway to complete the agreed procedures in coordination with the various concerned entities, ensuring a balance between outstanding obligations and the rights of all parties and helping resolve any pending issues in accordance with applicable legal and financial rules and regulations.
For his part, National Social Insurance Authority Chairman Gamal Awad affirmed the authority’s commitment to continued coordination and cooperation with the holding company and to completing the necessary procedures to resolve the financial entanglements between the two sides and settle the debts owed to the authority, in line with the agreements reached and in a manner that safeguards the authority’s rights under the legal frameworks and regulations governing its work.
During the meeting, officials reviewed the implementation status of the cooperation protocols aimed at resolving the financial entanglements between the holding company and the authority, the measures and steps taken to implement their provisions, the current status of outstanding obligations and completed procedures, as well as the steps planned for the next phase to complete implementation of the protocols.
Shaker also reviewed the status of the debt owed by the Holding Company for Cotton, Spinning, Weaving and Garments to the National Social Insurance Authority. He affirmed the company’s commitment to paying its financial obligations in accordance with the agreed payment schedules and mechanisms, which would contribute to settling the debt and resolving the financial entanglements, improving the company’s financial position, and strengthening its ability to continue implementing its development and restructuring plans in support of sustainable operations and improved performance.
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