Madbouly lays foundation stone for Egypt new capital’s Central Business District

Egypt’s Housing Minister Mouatafa Madbouly has laid Sunday the foundation stone of a massive Central Business District (CBD) in the first phase of Egyptian new administrative capital city’s project.

The new district, which is being carried out by China’s State Construction Engineering Corporation (CSCEC), will include 20 giant buildings and will be completed at the end of 2020, with investment cost worth $3.2 billion.

Around 25 banks have submitted offers to New Administrative Capital Company for Urban Development in order to book new land plots in the new capital city’s project that executed over around 195 faddans or 700,000 square metres, with investments approaching $3.2 billion.

Located some 40km (24.8 miles) east of Cairo, the under-construction new capital city is part of the government’s plan to expand urban areas to deal with the country’s rapid population growth and improve the nation’s infrastructure.

The city will be a 270-square-mile hub with 21 residential districts to accommodate five million people.

It will feature 1,250 mosques and churches, a 5,000-seat conference centre, nearly 2,000 schools and colleges, over 600 medical facilities and a park that is projected to be the world’s largest.