The construction committee for the Egyptian Business Association will make a report on the problems they are facing. The issues come from the 2% rise in the Egyptian cabinet’s interest rate after Eid Al-Fitr, according to the head of the committee, Fathallah Fawzy. Fawzy told Daily News Egypt that the report will include the problems and challenges that have emerged since the CBE announcement. Some companies and contractors have loans to buy lands and the increase in the interest rate will increase the cost of construction, he explained. The executive director of Construction and Design (CONSTEC), Ashraf Abdel-Hakam, said that construction companies will face many problems following the decision.

Source: Daily News Egypt June 11, 2017 12:00 UTC