Egypt’s new capital receives $15 billion investments since 2014

The size of investments pumped into Egypt’s new capital since its launch in 2014 has reached 250 billion Egyptian pounds ($15 billion), its operator ACUD said on Thursday.

State-run Administrative Capital for Urban Development (ACUD) said in a statement that the foreign investments in the new capital ‘are gaining momentum’ and the flow of overall investments are as planned.

Egyptian government provides all the possible facilities to encourage and attract both local and foreign investors to join in the new capital project, ACUD statement said.

Located 45km (28 miles) east of Cairo, the anticipated new capital city is part of the Egyptian government’s plan announced in 2014 to expand urban areas to deal with the state’s rapid population growth and improve the nation’s infrastructure.

The new city is set to be a 270-square-mile hub with 21 residential districts to accommodate five million people. It will feature 1,250 mosques and churches as well as 5,000-seat conference center, nearly 2,000 schools and colleges, over 600 medical facilities, and a park that is projected to be the world’s largest.