FEI Proposes new Fund to Finance Faltering Factories in Egypt

There is a need to establish a fund directed for financing the halted and faltering factors, a suggestion made on Monday by an official from the Federation of Egyptian Industries (FEI).

Mohamed el-Bahy, Head of the Taxes Committee at the Federation of Egyptian Industries (FEI) – has called for establishing a fund, with a capitalisation ranging between US$2-3 billion so as to finance the factories that are in default or suspended their operations.

The new fund shall attract local and Arab businessmen so as to invest in it.

“The number of factories that suspended their activities in Egypt has reached 7000, according to recent statistics made by the industrial zones nationwide.” El-Bahy noted