Serious Measures to Finance Faltering Factories

Prime Minister, Dr. Kamal Ganzoury held two meetings on 8/1/2012 of the committees in charge of cleaning Egyptian streets and bailing out faltering factories. Minister of Industry and Foreign Trade, Mahmoud Eissa stated after the meeting of the faltering factories that the committee outlined certain measures to encourage local production, increase its competitiveness with foreign commodities and support exports aiming to push the national economy and increase jobs.

A study was conducted on applying some restrictions on some imports without contradicting the international agreement signed by Egypt with the World Trade Organization, Eissa asserted. The Minister said coordination and cooperation with some banks are underway to re-operate the faltering factories amounting to 1,500 in number. Moreover, Minister of Electricity and Energy Hassan Younis said that lands were withdrawn from non-serious entrepreneurs in the west of Gulf of Suez. They will be put up for subscription to serious investors to operate and create more jobs, he added.

Minister of Transport Galal Sa'ed, for his part, said that the meeting discussed several projects such as the inauguration of the first phase of the third underground line Attaba-Abbasyia with investments of EGP 4.2 billion, and inauguration of three bridges on the Nile in Beni-Suef, Menyia and Beheria governorates.