The Egyptian government responds to demands from real estate developers, deciding to extend the project delivery deadlines by 20%, Prime Minister Mostafa Madbouly says in a press conference, Invest-Gate reports.

Madbouly notes that the government will consider projects finished when they’re 85% complete, down from 90% previously, giving developers the chance to complete the remaining 15% of construction at their own pace without a delay penalty.

He adds that the government also approved the request submitted by the New Urban Communities Authority (NUCA) to reduce the additional interest imposed by the Ministry of Finance to 1% from 2%.

Madbouly states that these decisions were of importance to support the real estate development sector, given its importance in supporting the Egyptian economy to face the exceptional circumstances the country is going through.

Real estate developers call on the government to support them in facing the economic headwinds that all sectors are currently facing.

The developers ask for project deadlines to be extended from 9 to 12 months, and for late delivery fines to be waived.

Real estate companies also demand government support in the form of financing facilities to help the sector weather economic turmoil.