Cabinet memorandum sparks hope for contractors

IN a landmark meeting held at the Treasury with the Ministry of Urban Development, Construction, and Housing, stakeholders from the construction industry came together to address pressing concerns.

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The constructive discussions have sparked optimism among contractors, as the Cabinet memorandum outlines key resolutions aimed at revitalising the industry.

Revisiting halted projects

One of the primary outcomes of the meeting was the decision to revisit halted projects. Comprehensive reports will be generated to determine the most viable paths forward, ensuring that stalled developments can resume efficiently.

Streamlining approval processes

The memorandum emphasised fast-tracking approval processes, including development permits. Simplifying laws and regulations was agreed upon as a critical step to eliminate bureaucratic delays and accelerate project timelines.

Public-Private Partnership model for land use

A significant shift in policy was proposed for Government lands in development projects. Instead of requiring developers to pay the full value upfront, lands will be released under a Public-Private Partnership (PPP) model, reducing financial burdens on developers.

One of the primary outcomes of the meeting was the decision to revisit halted projects

Financial management and EXIM bank proposal