Companies with overdue payments to TDA for North Coast land to pay bills in USD

Companies with overdue payments to the Tourism Development Authority (TDA) on land in the North Coast will have to pay in USD at an interest rate pegged to the LIBOR rate or risk losing the land, according to TDA boss Serag El Din Saad, Al Borsa reports. The TDA, which typically collects its payments in EGP, had announced in early March that it would not be setting a fixed exchange rate for industry companies with overdue bills, asking them to use the post-float rates to calculate their dues.