The Ministry of Trade and Industry intends to launch Misr Venture Capital Company with capital of EGP 150m to finance troubled factories within days. Minister of Industry Tarek Kabil said that the new company will work on structuring the faltering factories to re-operate them. Amongst the shareholders of the company are the Industrial Modernization Centre (IMC), National Investment Bank, Tahya Misr Fund, and Ayadi Company for Development and Investment. Kabil explained that the company will begin its work with the factories that have submitted its defaulting applications through the IMC. The total number of cases believed to be possibly relaunched amounts to 135, including 63 solved cases, leaving 72 companies of which Misr Venture Capital will study relaunching them.

Source: Daily News Egypt May 29, 2017 17:15 UTC