Minister of Housing, Utilities, and Urban Communities Mostafa Madbouly approved extending project deadlines for contractors working on state projects for three months, and six months for projects involving electromechanical equipment, according to Hassan Abdel Aziz Chairman of the Egyptian Federation for Construction and Building Contractors, reported Al Mal.
The decision came amid a number of resolutions offered to overcome obstacles faced by contractors in recent months over the increase in the prices of building materials, and the high price of the dollar following the flotation of the Egyptian pound. Abdel Aziz added that these decisions will push forward the execution of projects and avoid delays in their delivery.
The parliament housing committee has agreed to compensate contractors for losses incurred due to recent economic reforms. A law is currently being drafted to address this issue, with approximately 60 parliamentarians expressing their support for the suggested law.