Egypt to create fund for factory recovery

The Egyptian Cabinet has approved the establishment of an investment fund to restructure and finance distressed factories, as part of a plan to promote the industrial sector and stimulate companies that have halted operations. The fund aims to make direct investments in the shares and stakes of companies operating in sectors such as food industries, engineering, pharmaceuticals, and textiles, with the goal of improving their financial situation and restarting their operations. Additionally, the council has decided to create a new company for spinning and textiles named "Ghazl El Mahalla New for Spinning and Textiles," to enhance the spinning industry and develop clothing companies. Furthermore, the council approved the establishment of an integrated services company at the Suez University to provide consulting, training, and support for student innovation. It also issued decisions related to housing, including the launch of residential units on a rent-to-own basis within government programs, aimed at supporting low- and middle-income groups.

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