{"id":576876,"date":"2022-11-01T04:00:05","date_gmt":"2022-11-01T04:00:05","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2022\/11\/01\/senate-gives-final-nod-to-amendments-that-could-see-contractors-compensated-for-suffering-losses-in-deval-2-0\/"},"modified":"2022-11-01T04:00:05","modified_gmt":"2022-11-01T04:00:05","slug":"senate-gives-final-nod-to-amendments-that-could-see-contractors-compensated-for-suffering-losses-in-deval-2-0","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2022\/11\/01\/senate-gives-final-nod-to-amendments-that-could-see-contractors-compensated-for-suffering-losses-in-deval-2-0\/","title":{"rendered":"Senate gives final nod to amendments that could see contractors compensated for suffering losses in Deval 2.0"},"content":{"rendered":"

Good news for government contractors:<\/strong> Senators yesterday approved legal amendments that would allow contractors who have suffered losses because of recent economic reforms to receive compensation from the government.<\/p>\n

The current bill was drafted with 2016 in mind:<\/strong> The original 2017 law was drafted to provide compensation for losses caused by economic reforms undertaken between March and December 2016 (read: the EGP devaluation, lifting of fuel subsidies, introduction of VAT etc.).<\/p>\n

The legislation will now cover all periods of economic reforms:<\/strong> \u201cWe decided that the scope of the bill goes beyond this to include all periods of economic reforms causing financial losses to contractors involved in building projects, and delivering supplies and services for the government,\u201d said Senate Housing Committee Chairman Khaled Said. This means that contractors who have suffered losses because of this year\u2019s currency devaluations and the phasing out of fuel subsidies may be eligible for compensation.<\/p>\n

A lifeline for private contractors<\/strong>: \"The legislation will help save private contractors who are in charge of implementing government projects from bankruptcy, also putting into account that these projects serve 90 industries,\" Senator and businessman Ahmed Sabbour said.<\/p>\n

What\u2019s next:<\/strong> The bill will make its way to the House of Representatives for a vote and if passed, will be signed into law by President Abdel Fattah El Sisi.<\/p>\n","protected":false},"excerpt":{"rendered":"

Good news for government contractors: Senators yesterday approved legal amendments that would allow contractors who have suffered losses because of recent economic reforms to receive compensation from the government. The current bill was drafted with 2016 in mind: The original 2017 law was drafted to provide compensation for losses caused by economic reforms undertaken between […]<\/p>\n","protected":false},"author":1,"featured_media":576877,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7344],"tags":[838,72,187,392],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-576876","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-legislation-watch","tag-devaluation","tag-enterpriseam","tag-legislation-watch","tag-senate","wpautop","entry"],"acf":{"mongo_id":"827ca907-600a-408a-92cd-862ed7e58191","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2022\/11\/43.jpeg","photo_position":"above","related_issue":[576860],"teaser":"","voice_url":""},"yoast_head":"\nSenate gives final nod to amendments that could see contractors compensated for suffering losses in Deval 2.0 - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2022\/11\/01\/senate-gives-final-nod-to-amendments-that-could-see-contractors-compensated-for-suffering-losses-in-deval-2-0\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Senate gives final nod to amendments that could see contractors compensated for suffering losses in Deval 2.0\" \/>\n<meta property=\"og:description\" content=\"Good news for government contractors: Senators yesterday approved legal amendments that would allow contractors who have suffered losses because of recent economic reforms to receive compensation from the government. The current bill was drafted with 2016 in mind: The original 2017 law was drafted to provide compensation for losses caused by economic reforms undertaken between […]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/enterpriseam.com\/egypt\/2022\/11\/01\/senate-gives-final-nod-to-amendments-that-could-see-contractors-compensated-for-suffering-losses-in-deval-2-0\/\" \/>\n<meta property=\"og:site_name\" content=\"EnterpriseAM Egypt\" \/>\n<meta property=\"article:published_time\" content=\"2022-11-01T04:00:05+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/i0.wp.com\/ent.news\/2022\/11\/43.jpeg?fit=%2C&ssl=1\" \/>\n<meta name=\"author\" content=\"enterpriseam admin\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"enterpriseam admin\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"1 minute\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2022\/11\/01\/senate-gives-final-nod-to-amendments-that-could-see-contractors-compensated-for-suffering-losses-in-deval-2-0\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2022\/11\/01\/senate-gives-final-nod-to-amendments-that-could-see-contractors-compensated-for-suffering-losses-in-deval-2-0\/\"},\"author\":{\"name\":\"enterpriseam admin\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#\/schema\/person\/ca597032db7e4db868359c123cec256d\"},\"headline\":\"Senate gives final nod to amendments that could see contractors compensated for suffering losses in Deval 2.0\",\"datePublished\":\"2022-11-01T04:00:05+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2022\/11\/01\/senate-gives-final-nod-to-amendments-that-could-see-contractors-compensated-for-suffering-losses-in-deval-2-0\/\"},\"wordCount\":231,\"publisher\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#organization\"},\"image\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2022\/11\/01\/senate-gives-final-nod-to-amendments-that-could-see-contractors-compensated-for-suffering-losses-in-deval-2-0\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/i0.wp.com\/ent.news\/2022\/11\/43.jpeg?fit=%2C&ssl=1\",\"keywords\":[\"devaluation\",\"EnterpriseAM\",\"Legislation Watch\",\"Senate\"],\"articleSection\":[\"LEGISLATION WATCH\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2022\/11\/01\/senate-gives-final-nod-to-amendments-that-could-see-contractors-compensated-for-suffering-losses-in-deval-2-0\/\",\"url\":\"https:\/\/enterpriseam.com\/egypt\/2022\/11\/01\/senate-gives-final-nod-to-amendments-that-could-see-contractors-compensated-for-suffering-losses-in-deval-2-0\/\",\"name\":\"Senate gives final nod to amendments that could see contractors compensated for suffering losses in Deval 2.0 - 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yesterday amendments that would allow builders who have suffered losses on state projects due to recent economic reforms to receive compensation from the government.Widening the scope: A 2017 law\u2060 \u2060\u2014 which was originally drafted for economic reforms undertaken between March and\u2026","rel":"","context":"In "LEGISLATION WATCH"","block_context":{"text":"LEGISLATION WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/legislation-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/11\/321.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":577212,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/11\/14\/fx-for-tax-cuts-plan-earns-senate-approval\/","url_meta":{"origin":576876,"position":1},"title":"FX-for-tax cuts plan earns Senate approval","author":"enterpriseam admin","date":"14 November 2022","format":false,"excerpt":"Senators approve FX-for-tax cuts incentives: The Senate has approved legalamendments that would grant income tax breaks to investors who use FX to finance at least half of the cost of their projects. Under the proposed amendments to the 2017 Investment Act, companies would receive a tax cut of up to\u2026","rel":"","context":"In "LEGISLATION WATCH"","block_context":{"text":"LEGISLATION WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/legislation-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/11\/219.jpeg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":577244,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/11\/15\/senate-tweaks-fx-for-tax-cut-plan-contractors-bill-clears-committee-in-the-house\/","url_meta":{"origin":576876,"position":2},"title":"Senate tweaks FX-for-tax cut plan, contractors bill clears committee in the House","author":"enterpriseam admin","date":"15 November 2022","format":false,"excerpt":"What happened in the upper and lower houses of parliament yesterday?#1- The contractor compensation bill is heading to the House general assembly: The House Housing Committee yesterday gave a final approval to amendments that would see the government pay compensation to contractors who have suffered losses on the back of\u2026","rel":"","context":"In "LEGISLATION WATCH"","block_context":{"text":"LEGISLATION WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/legislation-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/11\/237.jpeg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":653164,"url":"https:\/\/enterpriseam.com\/egypt\/2017\/01\/30\/house-excludes-contractors-falling-behind-schedule-from-compensation-under-new-act\/","url_meta":{"origin":576876,"position":3},"title":"House excludes contractors falling behind schedule from compensation under new Act","author":"enterpriseam admin","date":"30 January 2017","format":false,"excerpt":"Contractors falling behind on their projects will not be reimbursed for FX losses incurred after the EGP float under the Contractor's Compensation Act, according to amendments introduced by the House of Representatives, Al Shorouk reported. The Council of State (Maglis Al Dowla) is currently reviewing the amendments before sending the\u2026","rel":"","context":"In "Legislation + Policy"","block_context":{"text":"Legislation + Policy","link":"https:\/\/enterpriseam.com\/egypt\/category\/legislation-policy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":577447,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/11\/23\/mps-approve-bills-on-telecoms-real-estate-contractors\/","url_meta":{"origin":576876,"position":4},"title":"MPs approve bills on telecoms, real estate, contractors","author":"enterpriseam admin","date":"23 November 2022","format":false,"excerpt":"Four bills get final nod in the House of Representatives: MPs yesterday gave final approval to a number of legislative amendments focused on regulatingtelecommunications, compensating contractors for losses on state contracts, and property registration in new cities. The final sign offs were the last before the House adjourned, with the\u2026","rel":"","context":"In "LEGISLATION WATCH"","block_context":{"text":"LEGISLATION WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/legislation-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/11\/355.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":651884,"url":"https:\/\/enterpriseam.com\/egypt\/2017\/02\/22\/contractors-threaten-to-suspend-work-if-contractors-compensation-act-does-not-pass-swiftly\/","url_meta":{"origin":576876,"position":5},"title":"Contractors threaten to suspend work if Contractor\u2019s Compensation Act does not pass swiftly","author":"enterpriseam admin","date":"22 February 2017","format":false,"excerpt":"Contractors are threatening to suspend projects for the government if it does not speed up passing the Contractor\u2019s Compensation Act, Egyptian Federation for Construction and Building Contractors head Hassan Abdel Aziz tells Al Borsa. The bill \u2014 which would compensate suppliers for the FX losses they have incurred after the\u2026","rel":"","context":"In "Other Business News of Note"","block_context":{"text":"Other Business News of Note","link":"https:\/\/enterpriseam.com\/egypt\/category\/other-business-news-of-note\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/576876","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=576876"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/576876\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/576860"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/576877"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=576876"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=576876"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=576876"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=576876"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=576876"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}