President of African Federation of Construction Contractors Associations (AFCCA) Hassan Abdelaziz has stated that Africa needs 10 million low-cost housing units annually to meet the increasing population growth. Abdelaziz said that foreign companies were acquiring these projects to reap huge returns and drain the continent’s bounties, especially as they bring their equipment, labor, and all building materials for projects. Accordingly, the Infrastructure and Energy of the African Union Commission agreed to the union’s request, as a preference rate of 7% was granted to African companies in bids funded by the African Development Bank. Abdelaziz added that major alliances and blocs have been established between Egyptian and African contracting companies to develop many major projects in Africa, highlighting the need to rehabilitate African contracting companies. He pointed out that Africa badly needs new and renewable energy projects, road projects, and then housing projects.

Source: Daily News Egypt May 29, 2023 08:18 UTC