The Board of Directors of the Real Estate Development Chamber at the Federation of Egyptian Industries (FEI) and the members of the Real Estate Investment Division at the Federation of Egyptian Chambers of Commerce (FEDCOC) hold a meeting to discuss recent developments in the real estate market, Invest-Gate reports.

The meeting concludes with a set to solutions to mitigate the impact of the recent crisis on the market, including adding a net-zero interest period of up to 12 months for projects under development.

The proposed solutions also include postponing the payment of instalment and interest for lands for a period equal to the period set for the implementation of the project.

The solutions incorporate adding the real estate sector to the government initiative allocated for the support of Egyptian industries, which has total financing of EGP 150 bn at a 11% interest.

The meeting’s recommended solutions include holding a meeting with the CBE’s Governor to find an immediate solution to the problems facing the real estate sector.

They also include deeming projects as completed at 90% of implementation without requiring developers to pay any differences in the cost.