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The Minister of Industry and Small and Medium Industry went on Thursday to the New Senegalese Textile Company (Nsts) to inquire about the difficulties that this company is going through. He announced many ways out of the crisis that will be implemented for a definitive revival of the Nsts.
The Minister of Industry and Small and Medium Industry visited, the day before yesterday, the New Textile Company Senegalese (Nsts). Moustapha Diop has found an Nsts stationary for more than 8 months. Although a stimulus plan has been announced since 2015, the company is idling. The director of the company, Ibrahima Macodou Fall who welcomed the minister and his delegation informs that significant investments have been made for the purchase of machinery. Mr. Fall wanted to show them to his guests of the day. Thanks to the intervention of the State, the Nsts was able to revive with the start of the activity of spinning. The weaving that requires large investments, has still not taken over. Minister Mustapha Diop, after touring the company, noted that "the Nsts is on the brink". In the halls, some machines, shut down for a very long time, are covered with dust. Although they can still work, they require a lot of cleaning. The judgment of the Nsts, according to the Minister of Industry, is due to the "non-renewal of the annual credit line of 400 million FCfa by the Bnde". For the revival of the plant, the National Bank of Economic Development (Bnde) gave 400 million FCFA. However, it has not respected its repayment commitments. Thus, the bank ended up not renewing this line of credit.
Because of this decision, informs the Minister, more than 160 employees are unemployed. However, he says the government is determined to help Nsts get out of this situation. On May 9, 2018, he recalls, the Restructuring Committee for Firms in Difficulty met to examine the case of this company. During this meeting, reveals the minister, several solutions of crisis exit were proposed. The first, he says, is to induce Bnde to agree to acquire part of the Nsts land to recover its claims. The second proposal was to ask the Senegalese New Textile Company to agree to sell its non-factory land to finance its working capital. The recovery committee of companies in difficulty also proposed the entry of Fonsis into the shareholding of the Nsts to control the activity. The last proposal for ending the crisis, adds Moustapha Diop, is to negotiate with Bnde so that it can refinance working capital. "For the working capital requirement, as of Monday, we have a meeting with the director of Nsts to see how to raise funds in the financial market allowing the Nsts to restart very quickly its activities," said the minister. 19659002] Aliou Ngamby NDIAYE
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