GM did not halt its operations in Egypt, but only had to interrupt operations for three days until it frees its raw materials from the customs, Federation of Egyptian Industries Mohamed El Sewedy said. GM CEO Tarek Atta met El Sewedy whose federation managed to resolve the company’s problems at the customs which will free up the goods early next week when the company is expected to resume operations. In parallel, LG in a statement has also denied news the company has halted operations in Egypt, albeit acknowledging it is facing challenges with sourcing foreign exchange. Meanwhile, Central Bank of Egypt Governor Tarek Amer was quoted in state-owned Al-Ahram saying the banking sector availed GM with USD150 million last year – compared to an average USD60 million in previous years – in addition to EGP1.6 billion in credit facilities, noting the company had recorded EGP8.8 billion in sales and EGP420 million in profits in 2015. (ahramonline, Al-Ahram)