Egyptian real estate developer Talaat Moustafa Group Holding (TMG Holding) says it dropped a lawsuit against the government’s New Urban Communities Authority (NUCA) after reaching a settlement, Invest-Gate reports.

In October 2016, TMG Holding filed a lawsuit against NUCA in objection to the high interest rates used by the latter in calculating the developer’s dues in their flagship Madinaty development.

The company said at the time that NUCA, as a governmental body, should not impose such high interest rates similar to those used by private financial banks.

TMG Holding, which announced dropping the lawsuit in a bourse filing, did not disclose further details on the settlement.