The Contractors Union held an emergency meeting on Monday to address the delay in the issuance of a Contractor Compensation Act to compensate contractors for the unexpected rise in costs post EGP float. The Union requested an extension to the deadline of their ongoing contracts until the law is cleared. Parliament has preliminary agreed on the law in January. The Union has asked the House of Representatives and the Minister of Housing to intervene to expedite the process, as the delay in issuing law has been depleting contractors’ financial resources, and has been hindering their projects. According to Shams El-Din Youssef, Board member of the Union, projects worth EGP100bn have been affected; 60% of which will be terminated if compensation is not granted and will have to be re-auctioned at a higher cost. The Union is expecting a 15% compensation. Housing Committee member at the House of Representatives has indicated that the committee is set to finalise the Contractor Compensation Act before mid-April.