The small and medium-sized companies working in the construction sector demanded that the financing obstacles faced by these companies, especially the serious companies qualified to participate in the development plan adopted by the state, be canceled.
According to Daker Abd Allah, a member of the board of directors of the Egyptian Federation For Construction & Building Contractors, banks require that small companies be granted 3-year budget transfers, which was established three years ago and applies to the largest segment of these companies.
He also stressed the importance of facilitating the access of these companies to letters of guarantee, pointing out that these companies face various funding hurdles to achieve the required growth.
He pointed out the need to review these procedures and to facilitate them to provide opportunities for these companies to enter into new projects and grow rapidly, so as to achieve great benefits for both sectors and the state, stressing that solving these problems will contribute to the entry of new companies to the contracting sector and employ millions of working hands.
“The provision of liquidity is the most important requirement of construction companies, in accordance with their commitment to timetables for the implementation of projects and demand the permanent support of companies to abide by, in addition to sudden changes in the prices of raw materials and building materials, which confuse the accounts of companies,” said Abd Allah.
At the same time, Abd Allah stressed the importance of developing awareness among small and start-up companies of the opportunities and facilities available from the banking sector and resorting to them to obtain funds that contribute to accelerating the rates of implementation of projects and achieve their expansion plans.
