EFCBC eyes new Financing Portfolio for Egypt Contracting Firms in Default

Egyptian Federation for Construction and Building Contractors (EFCBC) intends to establish a new financing portfolio for local small and medium-sized contracting companies in cooperation with a number of banks.

The new portfolio will support defaulted small and medium-sized contracting firms.

Hassan Abdel Aziz – EFCBC’s Chairman – affirmed that the federation had held talks with the banks over the proposed financing portfolio for the defaulted companies, seeking to enhance their existence in the local market and potentials to compete for national projects.

He added that the federation studies the procedures for the financing processes in cooperation with several governmental banks, as a first step to announce new financing entities responsible for backing those companies.

Moreover, Abdel Aziz pointed out that a joint committee had been formed that includes representatives of the banks, the defaulted companies, and other companies willing to obtain finances.