Bailout fund for idle factories to begin disbursing financing to first three factories in a month
The EGP 150 mn bailout fund for idle SME factories will begin financing the first three factories on its roster in a month’s time, once studies on them are complete, Union Capital CEO Hany Tawfik tells Al Borsa. State-owned Ayady, the Tahya Misr Fund, the National Investment Bank, and BPE Partners had co-established Union Capital, which manages the fund, back in March. Financing packages will range between EGP 5-10 mn and their value will be determined based on careful studies and calculations conducted on a case-by-case basis, said Tawfik, who had previously stated that the fund would prioritize factories where operations were suspended due to liquidity shortage or others that are labor intensive. Trade and Industry Minister Tarek Kabil was due before the House of Representatives’ Industry Committee yesterday to address concerns MPs raised over delays in allocating financing for the factories.