FEI, Union Capital sign MoU to back ailing factories

CAIRO - 26 September 2018: The Federation Of Egyptian Industries (FEI) has signed a protocol of understanding with Union Capital Company for Financial Consultants to support industrial institutions and firms along with ailing factories.

The deal was signed in cooperation with the Industrial Modernization Center (IMC) and a number of institutions concerned.

The MoU was signed by FEI Board member Mahmoud Soliman and Managing Director at Union Capital Sahar el Damati.

During the signing ceremony, Soliman said that the deal aims to achieve joint goals of both bodies in view of saving the ailing industrial institutions and contribute to reoperating them.

The move falls within the framework of the State’s approach aiming to assist and reoperate the ailing companies and factories as well as the FEI’s keenness on backing the Egyptian industrial sector, Soliman noted.

For her part, Damati pointed out that the deal embodies both bodies’ belief in the importance of the industrial sector and its positive role in supporting the national economy.

Both bodies agreed to hold joint meetings during the coming period to outline a plan of action and working mechanisms.