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Egypt plans to re-launch Nasr car production company
- Egypt: 11 hours, 11 minutes ago
The Egyptian cabinet has decided to stop the liquidation process of state-owned Nasr Car Manufacturing Co, after plans were prepared for re-launching the firm, Mena has reported. The military production ministry is planning to operate the car manufacturing company after its financial position is revised, minister Reda Hafez. Nasr was founded in 1960 as the first car production firm in the Middle East, but the government sought to liquidate the firm after its debt reached almost EGP2bn in 2009.
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