Egypt’s Tourism development agency (TDA) has announced its decision to price land offered for investment in Egyptian pounds (EGP), instead of US dollars, Chairman of TDA Serag El Din Saad told Al Mal newspaper.
Previously land was priced in US dollars, however, payment was received in EGP. This was done to stabilize the value of the land against the volatility of the economy.
The decision was taken in response to investors’ demands, who’s due installments keep increasing with the changing currency value.
The move is also to secure interest in the land tenders planned in the coming period, according to Saad, who highlighted that exchange rate fluctuations caused difficulty and confusion in terms of determining financial obligations of new projects.
Due to the significant depreciation of the pound against the US dollar, many investors are unable to pay their installments, a fact that led to the abandonment of 27 land plots by the awarded investors.