Egypt’s Industry Confers With Banks Over Funding Suspended Plants: Minister

Mounir Fakhry Abdel Nour, Egyptian Minister of Industry and Foreign Trade, has revealed that the ministry started deliberations with banks to establish risk guarantee company  at a capital of EGP 1 billion; aiming to finance the suspended factories in the coming period.

In an exclusive statement to “Amwal Al Ghad”, Abdel Nour said the negotiations are being conducted with the banks so as to take on the suspended workers during the last period; indicating that  the government’s rivalry to the private and productive sector is a key problem that should be solved with the ministry of finance.

Fakhry pointed out that his aim is re-operate 1200 factories, which suspended due to commercial or technical reasons; adding that they will assist these factories to enter the market again. He said that he will suggest establishing a company to contribute to resolving the problems of the stalled and suspended companies.

There is a vision for resolving the energy crisis, said Fakhry, expecting that the energy crisis ends next year, and depending on coal exists in numerous countries according to conditions that help dealing with the environmental effects of coal.