Egypt’s state institutions will be moved to the country’s new administrative capital by the end of 2018, Egyptian Prime Minister Sherif Ismail said in press statements Saturday.
Ismail said that the move should serve as a non-traditional solution to congestion in Cairo.
Egyptian construction companies are tasked with building the new administrative capital’s ministerial district, which will include ministries, government agencies and the president’s office.
Ismail also said that several plots of land will be open to investors for housing and administrative projects, which should provide more job opportunities.
The new capital, which is part of President Abdel Fattah al-Sisi’s plan to boost the economy through a series of mega-projects, is estimated to cost $45 billion.
The Prime Minister also said that Egypt’s giant gas field Zohr is expected to produce some 500 million square feet (46.5 million cubic metres) of gas by the end of 2017.
Zohr, discovered by Eni last year, holds an estimated 850 billion cubic meters of gas.
The field should help alleviate Egypt’s severe energy shortage and save the country billions of dollars spent on imports.
Source: Ahram Online