President Macky Sall made the announcement at the re-opening ceremony of Nouvelle Société Textile Sénégalaise (NSTS) in Thiès, on June 4, 2013.
By allowing FONSIS to become a creditor of NSTS, the State wants the company to benefit from the guidance of the Fund whose objective, among others, consists of restructuring distressed companies.
The re-launch will produce 435 jobs, according to President Sall. “The re-opening of NSTS closed for over ten years, marks the beginning of the industry’s rebirth in the region of Thiès, said the head of State. The President and his government were in Thiès to attend the Council of Ministers held from June 4 to June 7, 2014.
The reopening of NSTS was one of the campaign promises of President Macky Sall during the 2012 presidential elections: “During the campaign for the 2012 presidential elections, I pledged to re-open NSTS, should I been elected. I honored that commitment" he pointed out.