The Council Director of the New Cairo District, Kamal Fahmi, revealed that 13 real estate development companies have benefitted from the financing leeway put in place during Prime Minister Ganzouri’s tenure, the facilitation for settling the outstanding debts for the lands acquired by the city.

Fahmi stated that 13 companies paid EGP 500 million, which represent almost 25 percent of the outstanding payments.  Hyde Part Properties for Development, Emaar Misr for Development, Arab Project and Urban Development, Tanmia for Investment Real Estate, Manazel Real Estate, and Peter Home, are some of the companies that benefitted from the aforementioned facilities.

Three months ago, Ganzouri’s cabinet took the decision to grant real estate investment companies a variety of financial facilities, allowing developers to settle their debts on over three semi-annual instalments starting 1 April 2013. The payment period was extended to five instead of three years, from the date of providing utilities required to commence establishments.

Fahmi noted that the 60-day application deadline for requesting financing facilities ended last Monday, within which a large number of companies applied to benefit from the additional two-year extension.