Closed Egyptian factories seek $1.2bn to re-open

21 July 2011

Around 75 factories ask Cairo for help after closing due to the recent unrest in the country

Around 75 factories in Egypt that closed during the recent unrest have called for $1.2bn of investment that will allow them to reopen.

Many of the factories closed due to the owners having problems with the new government due to links with the previous regime.

The Egyptian government has now pledged to approach banks and ask them to create a special fund to help get the factories working again and re-employ the thousands of workers affected by the closures.

A legal framework needs to be put in place and officials in Cairo may also offer banks a share in the factories if they help to fund their re-opening.

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