Cairo – Mubasher: The Egyptian government studies compensating the contractors for the losses they may incur due to the recent increases in the prices of the raw materials, said Planning Minister Ashraf al-Arabi.
Egypt witnessed recently a remarkable hike in the prices of the raw materials, services and fuel following the Central Bank of Egypt decision to float the Egyptian pound against the US dollar.
The government will start payment of compensations upon the ministerial committee finishes the needed studies, added al-Arabi.
“The government will mostly start payment of compensations during the fiscal year 2016/17, where the compensations’ value may exceed more than 20% of the project’s value,” said al-Arabi.
