The Egyptian Federation for Construction and Building Contractors held a press conference Tuesday to announce decisions and steps that need to be implemented after the floatation of the pound and the increase in fuel prices.
These factors combined to raise the cost of all materials used in the construction industry — materials associated with the majority of national projects on which the contractors work.
The federation called for fair compensation for the losses they suffered as a result.
Over 150 contractors in all announced Tuesday that they can no longer continue work in light of the losses they suffer. The contractors said they had filed a complaint with Housing Minister Mostafa Madbouly twice, but that he had not take action to date regarding the problem.
During the meeting held at the federation's headquarters, the contractors called for a 6-month extension of deadlines on the national projects they currently have in hand. They also demanded that the government compensate them financially so they can continue working on the projects.
Edited translation from Al-Masry Al-Youm