FCAN urges govt to address negative effects of COVID-19 in construction sector
Kathmandu: The Federation of Contractors’ Association of Nepal has called for addressing negative effects of COVID-19 in construction sector. A delegation of the federation shared the negative impacts of coronavirus in construction sector and its resolving measures to Secretary of Ministry of Physical Infrastructure and Transport Rabindranath Shrestha and secretary of Public Procurement Monitoring Office Surya Prasad Gautam.
The delegation led by Federation chair Rabi Singh shared the secretary duo about 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 long time due to COVID lockdown and there is no certainty over the resumption of construction works after festivals. The federation also noted that there has been sluggish flow of money to the construction sector.
The federation underlined the need to arrange return the deposit of retention money to the contractors based on the bank guarantee so as to revitalize the 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 the increased cash flow in the market.