CAIRO: The Holding Company for Roads and Bridges (HCRB) submitted a memorandum Thursday to the Transportation Ministry demanding 745 million EGP in spreads of projects it implemented on behalf of the ministry, Youm7 reported.
There is no dispute of 455 million EGP of the amount, but the HCRB awaits a State Council ruling over the remaining 299 million EGP, head of HCRB Ramzy Lachine told Youm7.
“HCRB needs the amount to pay 360 million EGP worth of contracts to purchase equipment that have already been received to promote the company’s capacity,” Lachine said.
The company, which is a subsidiary of the Ministry of Transportation, aims to purchase more equipment at a price of 360 million EGP after it receives the value of the spreads, expecting the increase revenues of HCRB.
On Tuesday, Minister of Transportation Saad al-Geyoushi tasked HCRB to upgrade the Ring Road from Suez Road until Maadi in Cairo. Lachine told Youm7 his company will embark on the mission, which includes removing waste on the road, this week.