Egypt Is Getting A New Capital – Courtesy Of China

Egypt Is Getting A New Capital – Courtesy Of China

Egypt’s new capital city moved a step closer to reality with the announcement that Chinese developers will largely fund the megaproject.
 
 
The China Fortune Land Development Company (CFLD) agreed to provide $20 billion for the currently unnamed city, after a meeting between heads of the firm and Egyptian President Abdel Fattah El Sisi.
 
 
This follows a previous commitment of $15 billion from another Chinese state-owned company, bringing the project close to its $45 billion budget requirements for phase I.
 
Plans for the new capital were first announced in March 2015. Government officials described the development as a solution to crowding, pollution and rising house prices in Cairo.
 
 
“Cairo Capital is a momentous endeavor to build national spirit, foster consensus, provide for long-term sustainable growth,” said the project website

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