Egypt's Minister of Industry, Khaled Hisham, announced that the newly launched fund to restructure struggling factories marks a significant step in efforts to revive and operate idle industrial facilities. This initiative aligns with the government's priorities to boost local production and enhance the efficiency and sustainability of Egypt's industrial sector. The fund, established in collaboration with the Central Bank of Egypt, aims to support the restructuring of factories with promising operational prospects.
The fund, with a total capital of 1 billion EGP, seeks to participate in the share capital of struggling industrial establishments and work on restructuring them to restore their operational efficiency. This will enable these factories to grow, sustain themselves, and increase their value in the long term. Minister Hisham invited struggling factories interested in benefiting from the fund's services to register on the Ministry of Industry's support system for manufacturers.
The support system for manufacturers, accessible through a dedicated link, allows factories to apply for financing by selecting the "struggling factories" service. An assessment will be conducted to determine their eligibility for support. This move is part of the government's efforts to implement presidential directives to restart idle factories and support industrial investment as a cornerstone of the national economy.
The launch of the fund was announced during a meeting between Central Bank Governor Hassan Abdullah and Minister Hisham, attended by representatives from participating banks and industrial stakeholders. The meeting took place at the Central Bank's headquarters. Key attendees included Tarek El-Kholi, Deputy Governor for Banking Stability, and representatives from banks such as the National Bank of Egypt, Bank of Egypt, and the Arab African International Bank.
The fund's management has been entrusted to CI Capital, with Mohamed El-Sweedy, President of the Egyptian Industries Federation, heading the investment committee. Other attendees included Ayman El-Bayea, Assistant Minister of Industry for Digital Transformation, and Mahmoud Attallah, Deputy Chairman and Managing Director of CI Capital. The fund aims to support industrial investment and stimulate economic growth.
The Ministry of Industry's initiative to support manufacturers through this fund is part of a broader strategy to enhance the competitiveness of Egypt's industrial sector. By providing financing and restructuring support, the fund seeks to reactivate idle production capacities and promote sustainable industrial development. This effort is expected to have a positive impact on the national economy.
The Egyptian government has been focusing on revitalizing the industrial sector as a key driver of economic growth. The launch of the fund to restructure struggling factories reflects this commitment. With the participation of major banks and industrial stakeholders, the fund is poised to play a significant role in supporting the restructuring and growth of Egypt's industrial establishments.
Key points
- The fund has a capital of 1 billion EGP to support the restructuring of struggling factories.
- The Ministry of Industry invites struggling factories to register on the support system for manufacturers to benefit from the fund's services.
- The fund aims to restore the operational efficiency of factories and promote sustainable industrial development.
