Banks stop funding 50% of Upper Egypt factories for lacking permits

50% of factories in Upper Egypt have stopped production after banks reportedly refused them financing, Assiut Investors Association head Ali Hamza says, according to Al Shorouk. Banks are insisting that factories need to first obtain the required licenses to qualify for loans, Hamza says, explaining that the amount of red tape and cost of fees has made licensing difficult lately. The situation, however, should see some improvement now that the Industrial Permits Act and its executive regulations — which cut the time for licensing down to 30 days and eliminate much of the bureaucracy — are out.