Egypt’s Housing Minister: $3 bln Chinese loan to execute new capital project

The first payment of a loan from the Industrial and Commercial Bank of China (ICBC) to design and establish a central business zone in Egypt’s New Administrative Capital is worth $834 million, Egypt’s Housing Minister Assem el Gazzar said on Sunday.

He put the total cost of the project at about three billion dollars.

In a statement on Sunday, Gazzar said that the first payment will cover the expenses of designing and building seven tall towers on a total area of 600,000 square meters.

The central business zone should also have 20 towers, including a 385-meter-tall iconic tower, which will be the tallest in Africa, he said.

Source: MENA