Over 30,000 Projects Stalled Due to Lack of Funding Assurance, Says Construction Association
Summary
Over 30,000 construction projects in Nepal have stalled due to lack of funding assurance, with the Federation of Contractors' Associations urging policy reforms and better support for the sector.
Key Points
- Over 30,000 construction projects in Nepal are stalled due to lack of funding assurance.
- The Federation of Contractors' Associations of Nepal highlighted outdated laws and weak capital expenditure as major hurdles.
- Demands include amendments to the Public Procurement Act, simplification of payment systems, and formulation of an 'Umbrella Act' for the construction industry.
- The construction sector employs over 2.5 million people and requires industry-friendly policies and modern technology for infrastructure development.
