Cairo – Mubasher: The Egyptian government intends to launch a new fund to resolve all problems facing factories in default in Egypt during the coming period.

This fund will be launched by the planning ministry in cooperation with the Industrial Modernization Centre, according to Al Mal Newspaper.

The capital of the new fund has not been determined yet, the chairwoman of the presidential advisory council for economic development, Abla Abdel Latif, said, according to Al Mal Newspaper.

It is hard to state the exact number of distressed factories in Egypt, since the list includes various types of them, like temporary, partly, and fully in default, the chairwoman added.

Entities working on the process of launching this new fund will request from banks to defer the repayment of any due debts for at least one year until factories restructure their business and turn to a profit, Abdel Latif said.