ECONOMY

Extensions and bonuses to keep construction projects alive

Extensions and bonuses to keep construction projects alive

The Infrastructure Ministry is resorting to institutional as well as practical interventions to save public works that appeared doomed, especially medium-sized and minor projects facing problems due to the hikes in the prices of materials.

The ministry announced it will grant an extension of up to six months to any contractors who request it, and offer a bonus to any contractors that complete their projects without an extension.

It will also offer to pay for the going cost of materials such as PVC and polyethylene, and again revise the price coefficient for a series of materials compared to the final quarter of last year, in a bid to match market rates.