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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.

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