Egyptian Industry Cites 900 Factories in Default across the Country

 Mounir Fakhry Abdel Nour, Minister of Industry and Trade, has revealed that the factories in default across republic reached 900, expecting that it will boost to 1000 within October- end, including 84% financially in default.

The Minister has pointed out that it is negotiating with the banks to resolve their financial problems along with continuing to resolve all the factories in default .

The Minister has emphasized that Egypt has an attractive Arab and Foreign investments, despite the ongoing turmoil situation, as Egypt has a unique geographic position, consumer markets and its association with the European partnership agreements, expecting that the investments will go on after the country’s situation will be stabled.

Abdel Nour said the government’s attention to establish projects in Upper Egypt, pointing to Golden Triangle project, which is implemented by the government to link Qena governorate with Red Sea which provides job vacancies in addition to the major projects in Beni Suef , fiberglass project which will make ranked third in production after the USA and China.