Gov’t launching venture capital fund to restart operations at idle factories

The government launched a venture capital outfit that will be focused on providing funding to struggling factories to get them to return to operations, Trade and Industry Minister Tarek Kabil said, according to Al Masry Al Youm. The outfit will have a capital of EGP 150 mn and is funded by the Industrial Modernization Center, Ayadi, the National Investment Bank, and the Tahya Misr fund. Kabil says the government reviewed 135 cases of idle factories, fixed issues in 63 of them, and will have the new venture capital fund address the remainder. The fund will be managed by Hani Tawfik’s Union Capital.