Minister of Industry Khaled Hashem urged troubled factories seeking support from the Distressed Factories Restructuring Fund to register on the Ministry of Industry’s Manufacturers Support Platform and select the “Distressed Factories” service.
The service will allow the fund to assess the factories’ conditions and determine their eligibility for financing under the programme.
Hashem said the fund, launched by the Central Bank of Egypt (CBE) in co-operation with the Ministry of Industry, has capital of one billion Egyptian pounds.
He described the fund as an important step in government efforts to restructure and restart distressed factories, boost domestic production and improve the efficiency and sustainability of Egypt’s industrial sector.
The minister said the fund is part of an integrated initiative to address the challenges facing distressed factories and help them resume production.
The initiative also aims to preserve existing production capacity and increase the industrial sector’s contribution to the national economy, he added.
Factories seeking support can apply through the Manufacturers Support Platform. Applications will be assessed according to the fund’s eligibility criteria and regulations.
The platform is also available through a mobile application for both Android and iOS users.
The launch of the fund reflects co-operation between the CBE and the Ministry of Industry to support distressed factories, restore their operations and strengthen their ability to maintain production.
The initiative also supports government efforts to deepen local manufacturing and promote industrial investment.
