Compensation law for contractors expected to be released Wednesday

CAIRO- 5 July: The awaited Egyptian compensation law is expected to be officially released on Wednesday to include compensation fees to companies that were affected by the increase of gasoline prices.

The compensations, which will be spent from the state budget, are expected to be assigned to companies following a detailed report about the losses of each company, according to Planning Minister Hala El Saeed.

The Egyptian Ccabinet has approved a six-month extension period on Monday for companies to implement projects that have been previously delayed following economic decisions including the devaluation of the Egyptian pound and the increase in the value of foreign currency, according to a statement released by the Egyptian Federation of Construction & Building Contractors.