The Egyptian Federation for Construction and Building Contractors is coordinating with the Ministry of Finance on a project for a new system for tenders and bids within the next days, Chairman of the federation Hasan Abdel-Aziz revealed.
Abdel-Aziz said the new project was studied by the State Council and was sent to the Ministry of Finance for approval. Abdel-Aziz was speaking on the sidelines of a conference organised by the German Chamber for Construction and Building Equipment in Cairo.
He expected the new system, which the federation seeks to approve, to enable a higher level of guarantee for the rights of contracting companies.
Abdel-Aziz added that he met with the governor of the Central Bank of Egypt (CBE) and Chairmen of the National Bank of Egypt (NBE) and Banque Misr to coordinate on providing the needs of the contracting companies.
He further said contracting companies will be provided with credit facilities and letters of guarantee to buy their equipment, which will be announced later.
Chairman of the Holding Company for Construction and Development, Mahmoud Hegazi, said the value of mineral resources in Egypt is comparable to the petrol in the Gulf, and may become the key for the Egyptian economy to end its current crisis.
Hegazi added that the company will participate in the Bauma exhibition to learn about the technological solutions in the field of mining, in particular the detecting devices, as a prelude for using them in finding buried treasures of resources.
“We look forward to purchasing a number of advanced equipment, which helps in carrying out building projects faster and with lower cost,” said Hegazy, asserting that the building and construction sector will be revived in the upcoming period.