Chinese construction giant will build, operate and maintain Egypt’s newest city which will replace Cairo as the country’s capital
The new 700 sq km (270 square mile) city will eventually house more than 6 million people and is being constructed to relieve congestion and pollution in Cairo. The total cost of the CBD’s construction – which will include a presidential palace, parliament, government buildings and space for foreign embassies – is estimated at US$3.8 billion (29.8 billion yuan).
China is building a new Egyptian capital in the desert under its Belt and Road Initiative
“Under the agreement, CSCEC will assume responsibility for property management, operation and maintenance of the CBD in the New Administrative Capital, providing integrated urban services to residents, tourists and businesses,” CSCEC said in a statement.
China’s housing vice-minister Dong Jianguo, who was present at the signing of the deal on Sunday, viewed the strategic partnership between the two countries “as a model of mutual benefit” and expressed China’s readiness to expand cooperation in housing, infrastructure and urban-rural development.
