12 January 2013

Egypt: Minister - Efforts to Solve Problems Facing Defaulting Factories

Minister of Industry and Foreign Trade Eng. Hatem Saleh said Friday 11/01/2013 that his Ministry is doing its best to find out solutions to problems facing around 1500 defaulting factories.

The Minister told "Al-Gomhuria" newspaper, that out of the 1500 defaulting factories only 431 faced problems after the January 25 revolution whereas the rest of them have troubles dating back to the pre-revolution era either due to inheritance differences, mismanagement or lack of experience.

A permanent committee has been established to look at problems and causes behind defaulting in order to offer real and quick solutions to re-operate those factories, said the minister.

As for funding problems, Saleh said the ministry's officials held a series of meetings with representatives of banks and the CBE in order to sort out problems facing some 100 factories with investments of more than EGP 8 billion.

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