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.
You might also like...
Contractors win Oman Etihad Rail packages
23 April 2024
Saudi market returns to growth
23 April 2024
Middle East contract awards: March 2024
23 April 2024
Swiss developer appoints Helvetia residences contractor
23 April 2024
A MEED Subscription...
Subscribe or upgrade your current MEED.com package to support your strategic planning with the MENA region’s best source of business information. Proceed to our online shop below to find out more about the features in each package.