Number of default factories to exceed 500: 6th of October Investors

Egypt’s Sixth of October Investors Association plans to finish tracking the default factories in its affiliate areas by the end of November 2016.

Speaking to Amwal Al Ghad Monday, Head Mohamd Khamis expected the number of default factories to reach more than 500 in all areas at 6th of October City.

The total investments in 6th of October City are estimated at around 150 billion Egyptian pounds including 500,000 workers, the chairman noted.

After finishing the tracking processes, the association would determine reasons that led factories to stop operating whether financial or technical in order to negotiate with sate’s Industrial Modernisation Centre (IMC) to provide necessary support for the factories.

On other side, the Egyptian Cabinet is currently working to establish a fund to finance default factories in which four entities are participating: National Investment Bank, IMC, Tahya Misr Fund (Long Live Egypt), and Ayaady for Investment and Agriculture Development Company.

The official pointed out that the fund is set to be established with capital estimated at 150 million pounds and would be operated by one of investment banks within the coming period.