FEI, Union Capital sign MoU on idle factories bailout fund

The Federation of Egyptian Industries (FEI) and Union Capital signed yesterday a memorandum of understanding on the latter’s EGP 150 mn bailout fund for idle SME factories, according to MENA. The agreement will see Union Capital providing financing packages to idle factories registered with the FEI, Union Capital Managing Director Sahar Damaty said, according to Amwal Al Ghad. Union Capital plans to provide financing packages to between 50 and 60 factories over the next year, according to Damaty.