China Construction Company has landed a deal to construct and finance part of new capital in Egypt, Egypt’s housing minister has said.
According to Egypt’s housing minister the Chinese company which has the experience in African projects and the government of Egypt signed a memorandum of understanding with China State Construction Engineering Corporation to build and finance the multi-million dollar construction project of new capital in Egypt.
This comes only one day after the housing minister of Egypt terminated the earlier memorandum of understanding with the UAE based businessman Mohamed Alabbar who was to fund the mega-city construction project.
Egypt had so far only highlighted the involvement of the UAE’s Capital City Partners (CCP), which signed an initial agreement for the new capital in Egypt at a March economic summit.
The new city which will be located 45 kilometer southern part of Cairo and it is among the many projects that have been under new regime of president Abdel Fattah al-Sisi designed specifically to attract foreign investors in times that Egypt wants to create jobs to fits its fasr growing population which stands at 90 Million.
The project is now set to kick off as Chinese Construction Company has the muscle to construct it and fund the needed $45 billion.
The proposed new Capital in Egypt was unveiled early this year by the country’s housing Minister Mostafa Madbouly at an Egypt Economic Development Conference