FEI’s electrical equipment division asks for 30% price hike in government contracts

The Federation of Egyptian Industries’ (FEI) electrical equipment and cables division is calling on Prime Minister Sherif Ismail to revise government contracts and hike prices by 30% as soon as possible, saying factories are suffering as they continue to supply their products under pre-float prices, Al Mal reports division head Atef Abdel Moneim said. Several industries called for the renegotiation of government contracts following the EGP float in November, and the Ismail cabinet formed a committee to look into the matter.