Back to the complete issue
Monday, 24 July 2017

Housing Ministry to issue immediate 10% downpayment on compensation to contractors

Housing Ministry to issue immediate 10% downpayments on compensation to contractors: Contractors being compensated for losses incurred on government contracts after the EGP float receive 10% downpayments until the committee tasked with repricing their contracts can complete its work, Housing Minister Mostafa Madbouly decided on Thursday, according to Al Mal. President Abdel Fattah El Sisi had earlier this month signed the Contractors’ Compensation Act into law. Some 29k contractors stand to have repriced their contracts by 15 August, House of Representatives Housing Committee chair Alaa Wali tells Al Shorouk.

Enterprise is a daily publication of Enterprise Ventures LLC, an Egyptian limited liability company (commercial register 83594), and a subsidiary of Inktank Communications. Summaries are intended for guidance only and are provided on an as-is basis; kindly refer to the source article in its original language prior to undertaking any action. Neither Enterprise Ventures nor its staff assume any responsibility or liability for the accuracy of the information contained in this publication, whether in the form of summaries or analysis. © 2018 Enterprise Ventures LLC.