The Chinese company China Fortune Land Development Company will Finance the construction of the new capital of Egypt.
China Fortune Land Development Company (CFLD) has agreed to provide $20 billion for the present of an unnamed city after a meeting between the leaders of the company and President of Egypt Abdel Fattah El Sisi.
Previous financial investments amounted to $15 billion from other Chinese state-owned companies. With the result that the project is approaching the budget requirements in the amount of $45 billion for the first stage. Plans for the new capital was first announced in March 2015. Government officials described the development as a solution to the problems of crowding, pollution and rising prices for housing in Cairo.
The city area of 700 square kilometers, which will be built in the desert East of Cairo, will be the new place to create a national spirit and long-term sustainable capital growth. Interest in the project lively. It is reported that the Indian company plans to build an extensive medical center and University, and a Saudi firm plans to build a mosque and Islamic Museum with an area of 12.6 hectares.
Construction is already underway. According to the newspaper "al Ahram", the engineers began work on infrastructure, including bridges and 210 km of roads. At the first stage of the project will be built by government ministries and residential areas. This phase can be completed within 5 years. Despite the optimism of officials, there is concern that the project will face with some problems. Egypt has built several satellite cities around Cairo, which registered low employment despite high investment.
sections: Economics, World News