66 stalled factories re-entered operations in Egypt: Minister

Around 135 stalled factories have resumed operations in Egypt, the country’s Minister of Industry Tarek Qabil said on Tuesday.

President Abdel Fatah al-Sisi called for more attention to the issues of insolvent factories and the creation of effective methods to resolve this issue, Qabil said.

Qabil added that the rest of stalled factories cases have been are being studied  by Misr Venture Capital Company.

Around 960 factories were reported by the Ministry of Industry to have gone bankrupt in 2014, after the financial issues they endured following the 2011 revolution.

Misr Venture Capital Company  was launched with capital of 150 million Egyptian pounds to finance troubled factories.

The  company  works on structuring the faltering factories to re-operate them. Amongst the shareholders of the company are the Industrial Modernization Centre (IMC), National Investment Bank, Tahya Misr Fund, and Ayadi Company for Development and Investment.

The industrial sector represents 18 percent of Egypt’s gross domestic product (GDP) compared to 17 percent in the last period.

Sisi said that the ministry of industry and trade seeks to implement 4,000 factories for small and micro businesses in a frame work between 6 month and year.