Daker Abdellah, a member of the board of directors of the Egyptian Federation for Construction and Building Contractors (EFCBC), said Egypt-based construction companies are currently implementing 11,000 projects worth nearly EGP 2 trn, Invest-Gate reports.

On the sidelines of the meeting of the Construction Committee at the Egyptian Businessmen’s Association (EBA) on March 6, Abdellah told journalists the banking sector puts many restrictions and stringent requirements in many cases on the Egyptian contracting companies in terms of financing and letter of guarantee, and thus, impending expansion process of companies inside and outside Egypt.

Abdellah noted that the current period requires concerted efforts to support the construction sector, which is the main engine of urban growth in Egypt.

Both the state and banking sector have to support construction companies in the current period in light of the large volume of mega projects currently being implemented, he stressed.