Egypt’s Sisi orders help for financially ailing firms

Egypt’s President Abdel-Fattah El-Sisi instructed the government to take immediate action to help financially ailing firms to resume their business activity.

During his meeting with Prime Minister Mostafa Madbouly and the cabinet’s economic group, El-Sisi called for striking a deal with banks to revive stalled factories and help them operate again at full capacity.

El-Sisi underlined the need to provide these factories with all necessary production supplies through low interest loan initiatives offered by the Central Bank of Egypt (CBE), according to a statement by Presidential Spokesman Bassam Rady.

He also urged the government to lift any administrative measures taken against these entities to mitigate their financial burden.

The meeting also tackled the gross damage incurred by thousands of financially ailing factories, firms and entities due to the deteriorating security situation and labour protests which affected various state sectors during 2011, the spokesman noted