A Chinese construction company, China Fortune Land Development (CFLD), will invest $20 billion in Egypt’s New Administrative Capital, reported Amwal Elghad.
The company obtained the right to develop and market the new capital, within the second phase of the mega-project, according to Al Mal News.
The contract was signed by Egyptian Minister of Housing, Utilities, and Urban Communities Mostafa Madbouly and Minister of Investment Dalia Khorshid, and the Chairman of CFLD, Tahrir News reported.
The new $20 billion investment adds to a previous $15 billion agreement with China State Construction Engineering Corporation for a previous phase of the Administrative Capital, according to USA Today. As such, the total Chinese investments in the project amount to $35 billion of the total $45 billion for the projects.
The new city was initially expected to be bankrolled by UAE business magnate Mohamed Alabbar, but a disagreement between him and the Egyptian government over the distribution of profits ended the agreement between them.
The new capital is located 28 miles from Cairo on military-owned land, and is expected to accommodate 5 million people.
Construction work has begun in the capital city, as several hundred apartment buildings have been erected, as well as building roads and sewage lines, all of which are set to be completed by 2021.
A university is also expected to be built within the project, as the Egyptian president was discussing that possibility with the Chinese construction envoy.
Government officials seek to relocate their headquarters and offices in to the new project to avoid the over-congestion that occurred in Cairo.
The city is expected to have skyscrapers similar to those in Dubai, green areas, an international airport on par with London’s Heathrow, and an amusement park.
China Fortune Land Development was founded in 1998, focusing on green ecology as the basic foundation.