Egypt and China have signed an agreement to implement and establish a number of mega projects in Egypt’s New Administrative Capital, Invest-Gate reports.
Under the agreement that is worth a whopping EGP 179 bn, the prodigious projects will be established in cooperation with the private sector, according to state-owned Al-Ahram newspaper.
Prime Minister Mostafa Madbouly, who is also the Minister of Housing, Utilities, and Urban Development, pointed out that these flagships will be situated at the Central Business District in the New Capital, according to the new capital’s official Facebook page.
Madbouly made these remarks during his meeting with the delegation of the Chinese ruling party and
secretary of the State Assets Control and Management Committee, as well as, the Chinese ambassador to Cairo and Chairman of the Chinese company CSCEC; in the presence of Deputy Housing Minister Assem El-Gazzar and Deputy Minister of Housing for National Projects Khaled Abbas.
The meeting was mainly held to follow up on the construction of the new capital’s Central Business District which is implemented by China’s CSCEC.
During the meeting, Madbouly noted that President Abdel Fattah El-Sisi announced days ago that the year 2020 will witness the inauguration of the new capital and a number of other projects and cities – including the Central Business District project.
“I have discussed with the company’s officials the implementation of a second phase of the project to be signed in the presence of [El-Sisi] during his visit to China in September, and asked the company to work to complete the project in the shortest possible time to meet the aspirations and hopes of the Egyptian population,” said Madbouly.
Spanning across 195 acres, the business district comprises 20 towers for residential, administrative, commercial, and other services. One of the towers is expected to be the tallest in Africa at 385 meters, Madbouly confirmed.
The project is a major civilizational shift in Egypt, and will provide thousands of jobs, the prime minister explained, adding that there is interest in the green spaces within the project and an abundant number of underground garages. There are 22 consultancy offices, one of the largest in the world, working on executing the flagship project, he noted.