Cairo:Industry Minister Khaled Hashem urged factories in distress to apply for support through the Distressed Factories Restructuring Fund by registering on the Ministry of Industry's Manufacturers Support Platform. By selecting the "Distressed Factories" service, the fund can evaluate their eligibility for financing.

According to State Information Service Egypt, the fund, with a capital of EGP 1 billion, was established by the Central Bank of Egypt in collaboration with the Ministry of Industry. This initiative is part of the government's plan to restructure and reactivate distressed factories, aiming to enhance domestic production and promote sustainability within Egypt's industrial sector.

Hashem emphasized that the fund is an integral part of a broader initiative designed to tackle the challenges faced by distressed factories. The goal is to help them resume production, maintain current capabilities, and boost the industrial sector's contribution to the national economy.

Eligible factories can apply for the fund via the Ministry of Industry's Manufacturers Support Platform. Applications will be evaluated based on established criteria and regulations governing the fund's operations.

The Manufacturers Support Platform is accessible through its mobile application, available to Android and iOS users. The Distressed Factories Restructuring Fund represents a collaborative effort between the Central Bank of Egypt and the Ministry of Industry to aid distressed factories, restoring their operational capacity and supporting sustained production.

This initiative aligns with governmental objectives to expand local manufacturing and foster industrial investments.