The Tourism Development Authority (TDA) announced that it had agreed to reschedule the payments due on companies, which had been allocated land at the North Coast and had not yet made the pre-payment, according to Serag El Din Saad, Head of TDA. Companies will still have to pay their dues in USD at an interest rate pegged to the LIBOR rate, which comes against the developers’ requests for EGP-denominated repayments. The TDA, which used to collect payments in EGP, announced earlier this month that it would not be setting a fixed exchange rate for overdue payments, and asked companies to use the post-float rates to calculate their due payments.