CAIRO: Medhat Astefanos, President of the Cement Division at the Federation of Egyptian Industries, said on Sunday that Egypt should investigate the reasons behind the rise in cement prices that the department warned of a year and a half ago.
Astefanos told the CBC channel that the cement industry has not received any subsidies for power since 2007, adding that the industry has faced major troubles since the spring of 2012. He said Egypt’s production of cement is more than Egypt needs, but the real crisis is in power.
Mahmoud Askalany, head of Citizens Against Price Rises, said the rising price of cement increases the cost of construction, which threatens around nine million workers if construction ceases.
Askalany added to the CBC channel that foreign companies are the real reason behind the problem because cement companies in Egypt receive major benefits while in most of the world they are experiencing losses.
Originally published in Youm7.