Egypt OKs new facilitations for investors, real estate developers

The Egyptian cabinet has approved a proposal by Ministry of Housing regarding granting various facilities to investors and real estate development companies amid local and global challenges, according to a statement on March 29th.

The facilities include increasing the implementation period of all service, investment, and urban projects by 20% over the original period. This decision will be applied to projects that are still in the implementation period.

As for projects that have been or are being granted a grace period in exchange for money, they will be granted the same percentage of this grace period.

The facilities also include granting real estate developers a reduction of 50% on the interest applied on the due installments during the granted 20% grace period for a maximum of a year as of this year.