China Construction in talks to start carrying out Egypt new capital project

Minister of Housing, Moustafa Madbouli discussed Wednesday with China State Construction Engineering Corporation (CSCEC) the suggested locations to start works on the Egyptian new administrative capital city.

The China State Construction Engineering Corporation is a Chinese construction company ranked the third largest in the world and the 20th largest general contractor in terms of overseas sales.

During President Abdel Fattah al-Sisi’s latest visit to China, the Chinese Construction Company has landed a deal to construct and finance the multi-million dollar construction project of new capital in Egypt.

During its meeting with the Egyptian minister, the CSCEC representatives showcased the company’s potentials and expertise in carrying out other African projects.

The new city which will be located 45 kilometer southern part of Cairo and it is among the many projects that have been under new regime of president Abdel Fattah al-Sisi designed specifically to attract foreign investors in times that Egypt wants to create jobs to fits its fast growing population which stands at 90 million.

The proposed city, which Egypt plans to build within five to seven years, will cost $45 billion.