Factory bailout fund to start work next week

The government’s EGP 150 mn bailout fund will start financing the first phase of idle factories next week,Chairman of Tahya Misr Fund Mohamed Ashmawy said. The phase will include 3-5 projects in the poultry and plastics segments. Tahya Misr had partnered up with Ayady, the National Investment Bank, and BPE Partners in March to co-establish the company Union Capital to run the bailout fund that should provide idle factories with financing packagesranging from EGP 5-10 mn each.