NUCA planning to disburse EGP 4 bn of compensation to contractors by year’s end

The New Urban Communities Authority (NUCA) is planning to disburse by the end of the year a total of EGP 2 bn in compensation payments to contractors for losses incurred on state contracts after the EGP float, a Housing Ministry official tells Al Borsa. The remaining payments owed to contractors will be determined in accordance with progress contractors have made on their respective projects. NUCA had announced in November that it had disbursed EGP 2 bn in compensation payments, which helped the contractors remain on schedule with existing projects. Deliveries on social housing projects had been pushed back as some contractors stopped work following delays in disbursing their compensation under the act.