KATHMANDU – The Federation of Contractors’ Association of Nepal has called for addressing the negative effects of COVID-19 in the construction sector.
A delegation of the federation shared the negative impacts of coronavirus in the construction sector and its resolving measures to the Secretary of the Ministry of Physical Infrastructure and Transport Rabindranath Shrestha and secretary of the Public Procurement Monitoring Office Surya Prasad Gautam.
The delegation led by Federation chair Rabi Singh shared with the secretary duo the deposit amount, COVID-19 criteria, extension of time for the development of community infrastructure, bank guarantee and insurance and credit line commission.
The Federation also shared that the construction sector has been closed down for a long time due to lockdown and there is no certainty over the resumption of construction works after festivals. The federation also noted that there has been a sluggish flow of money into the construction sector.
The federation underlined the need to arrange a return of the deposit of retention money to contractors based on the bank guarantee to revitalize economic transactions.
If the deposit amount comes to the market, the contractors can revive their business with the mobilization of investment of Rs 65 billion and it will also help make the economy dynamic through an increased cash flow in the market.
