Egypt’s central bank pledges $868.5 million to revive faltering factories

Egypt’s central bank pledges to secure around 6.8 billion Egyptian pounds (US$868.5 million) dedicated for faltering factories in the country, said the chairman of Federation of Egyptian Industries.

Mohamed El Sewedy revealed to Amwal Al Ghad Thursday that the newly-appointed central bank governor Tarek Amer said his bank would secure soon the pledged package in addition to another tailored to support the country’s industrial and import sectors.

Meanwhile, the Egyptian official added that the federation prepares for a reform system to halt indiscriminate importing, which has contributed to the country’s dollar shortage.