Egypt’s Govt Selects 2 Banks to Pump EGP 500 mln to defaulted Factories

Egyptian Industry and Trade Minister, Mounir Fakhry Abdel-Nour, has revealed that the government selected the National Bank of Egypt (NBE) and Banque Misr in order to pump EGP 500 million to provide short-term financing for the defaulted factories which are 790 factories.

The Minister said the two banks will take their responsibilities so as to provide short-term financing for the defaulted factories in order to get out from its crisis.

Abdel-Nour has noted that this liquidity is not enough to save all the defaulted factories, asserting that the government is intending to pump additional quantities from the liquidity of these factories.