Contracting Companies Demand Their Dues in Arrears

The Export Council for Building Refractory & Metallurgy has sent an urgent memorandum to Prime Minister Dr. Hesham Kandil, demanding public and governmental bodies to pay contracting companies their dues in arrears, which amount to more than EGP 5.4 billion.

Dr.Walid Jamal al-Din, the Council’s chairman, stated that the government’s failure in paying off the contracting companies’ dues will lead them to insolvency, especially due to the lack of pumping new governmental  investments in that sector. He added that the market suffers from liquidity shortage given that the demand on building materials has decreased, which has in turn led to a decline in the operational capacity of many companies.

Source: Al Gomhuria