Egypt hopes to resolve the ongoing deterioration in its textile industry, said a cabinet statement on Thursday.

In a cabinet meeting, Industry, Finance and Investment Ministers discussed means to improve the income of the national Textile and Wavering Holding Company and curb its losses.

The public sector company, combined of more than 30 factories, is facing huge financial issues such as unpaid fees and instability in local prices compared to the international market.

The company lost an estimate of two billion Egyptian pounds (US$ 2.9 million) in 2013, according to its Chairman Fouad Abdel Aleem.

Abdel Aleem added that the rise in the price of cotton, which now amounts to 1,650 per qantar, also affects the market.

"Although Egypt has skilled labour in its textiles and wavering sectors, the country has been suffering big losses during the past few years due to the government's negligence of this industry," Minister of Investment Osama Saleh said during the meeting.

Saleh attributed the company's loss to the fact that its equipments had not been renewed for long and that the workers' financial demands have not met.