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Monday, 7 August 2017

Social housing delivery delayed due to tardy compensation of contractors

Deliveries on social housing has been delayed as some contractors have halted development for not being compensated yet under the Contractors’ Compensation Act, Housing Minister Mostafa Madbouly said, according to AMAY. The law, which came into effect last month, would see the state compensate contractors for losses incurred as a result of the EGP float. Contractors had been warning that delays in paying them back would stop construction. Apparently, last month’s decision by the ministry to issue an immediate 10% downpayment on the reparations didn’t go over well.

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