New Capital’s Business District will be financed by Chinese loan of $3.2 bln

Big 5

Egypt’s state-owned Administrative Capital for Urban Development (ACUD) said that the Business District implemented in the new capital on an area of 195 feddans will be financed by a Chinese loan of $3.2 billion, according to Chairman of ACUD Ahmed Zaki Abdeen.

The loan repayment will be over 25 years  with a benefit of 2 percent each year, Abdeen added.

He said on the side line of his meeting with the Federation of Egyptian Industries that the whole project will be owned be the Egyptian government not the Chinese side, referring that the Chinese side is responsible for the funding and the implementation of the project.

He added that this project includes the construction of 21 towers, stressing that the project is a great civilization shift that will provide thousands of job opportunities. It will also  include the tallest building in Africa, which will be up to 385 meters high.