Trade ministry is to establish a fund with initial capital estimated at 150 million Egyptian pounds (US$18.6 million) to finance default factories, Minister Tarek Qabil stated Sunday. He noted that the capital may be increased according to ministry’s activity.
According to the Industrial Modernisation Centre (IMC), the primary number of default factories is estimated at 871.
Within the last two year, ministry of trade has decided to launch a fund with capital estimated at 500 million pounds to save default factories but there were not any executive steps taken to establish it.
The IMC has been charged to finish enumerating default factories at the end of November 2015, the minister stated, clarifying that around 135 companies have been studied within the upcoming period and around 28 companies have been excluded.
