Chinese company to spend US$20 billion on Egypt’s new capital east of Cairo

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The pyramids are illuminated during New Year’s day celebrations on the outskirts of Cairo, Egypt, January 1, 2016. Photo: Reuters

 

China Fortune Land Development Co. Ltd. (CFLD) has signed a deal to develop and manage 14,000 acres (5,700 hectares) of Egypt’s new administrative capital at a cost of US$20 billion, the Egyptian cabinet said in a statement on Monday.

The new capital is one of a series of mega-projects announced by President Abdel Fattah al-Sisi designed to attract foreign investment and create jobs in a country with a booming population of 91 million.

Heralding a new era of closer political and economic ties, China in January signed 21 investment and aid deals worth billions of dollars with Egypt during a visit by President Xi Jinping.

The new capital, planned to be the size of Singapore, is due to have an airport larger than London’s Heathrow, a building taller than Paris’s Eiffel Tower, and more than 10,000 km (6,200 miles) of streets and avenues.

Full article: Chinese company to spend US$20 billion on Egypt’s new capital east of Cairo (South China Morning Post)

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