Egypt to launch $17mn fund to boost faltering factories next week

Reuters Images/Mohamed Abd El Ghany - RTS7R12

Egypt will launch within next week a new fund tailored to finance the country's faltering factories, said head of the Federation of Egyptian Industries.

Sayed Badr & Sanaa Allam, Amwal Alghad

May 20, 2016

PHOTO

19 May 2016
Egypt will launch within next week a new fund tailored to finance the country's faltering factories, said head of the Federation of Egyptian Industries on Thursday.

The fund will be with a capital worth 150 million Egyptian pounds (around US$17 million), Mohamed El Sewedy, President of the federation, added.

The launch comes after Egyptian Prime Minister Sherif Ismail had approved the fund, in a bid to remove all obstacles against alluring new investments in the North African country, El Sewedy further told Amwal Al Ghad.