The Central Bank of Egypt and the Ministry of Industry have launched a specialized fund to restructure distressed factories and industrial establishments, with total capital of EGP 1 billion.
The fund aims to take equity stakes in promising distressed industrial companies that have productive assets and capacity that can be developed but are facing financial or operational challenges.
The restructuring plans may include loan restructuring, injecting new capital, improving operational efficiency, and strengthening corporate governance, with the objective of bringing factories back into operation, preserving jobs, and improving the competitiveness of Egyptian industry.
The Governor of the Central Bank of Egypt said the fund represents an important step toward supporting the industrial sector and increasing its contribution to GDP and economic growth by rehabilitating productive assets and making use of underutilized production capacity.
The Minister of Industry stated that restructuring and restarting distressed factories is one of the key pillars of the government's efforts to support domestic production and improve the efficiency and sustainability of Egypt's industrial sector.
Factories seeking to benefit from the fund's services will be able to apply through the Manufacturers Support System operated by the Ministry of Industry, through which applications will be evaluated.
