China’s CFLD determined to pump $20 bln into Egypt new capital city

Beijing-based Industrial city operator China Fortune Land Development Co., Ltd. (CFLD) is determined to carry out a ten-year investment scheme in Egypt, a delegation from the company tells Egyptian President Sisi.

The Chinese giant is seeking to pump around $20 billion in investments into Egypt in the next ten years geared to develop the second phase of the Egyptian new administrative capital project, through entering into a public-private partnership (PPP).

This comes after Egyptian President Abdel Fattah al-Sisi received Saturday a delegation from CFLD group, in the presence of Egypt’s Minister of Housing Moustafa Madbouli, Minister of Investment Dalia Khorshed, and Kamel El-Wazeer – Head of the Egyptian Armed Forces Engineering Authority.

CFLD plans to build a smart village, an advanced environment-friendly technology zone, a residential city, and a bundle of roads, facilities, services projects such as school, university, research centres, and clubs in the Egyptian new capital city.

The Chinese company is looking forward to have Egypt as its regional center in the Middle East and North Africa, the CFLD representative said in earlier statement in August.

Founded in 1998, China Fortune Land Development Co., Ltd. (CFLD) (Stock code: 600340) is China’s leading new industrial city operator. By the end of 2015, the assets of CFLD had approached RMB170 billion.

The company was ranked 11th in Forbes’ list of the best publicly traded big companies in Asia.