With the help of Chinese company, Egypt is getting closer to its new capital city following the announcement of the developers, who will largely fund the huge project.
In the recent development, the China Fortune Land Development Company (CFLD) agreed to provide $20 billion for the currently unnamed city, after a meeting between heads of the firm and Egyptian President Abdel Fattah El Sisi.
The commitment comes after a precedent offer of $15 billion from another Chinese state-owned company, bringing the project close to its $45 billion budget requirements for phase I.
It can be remembered that last March 2015 when plans for the new capital were first announced.
Government officials described the development as a solution to crowding, pollution and rising house prices in Cairo.
“Cairo Capital is a momentous endeavor to build national spirit, foster consensus, provide for long-term sustainable growth,” said the project website. ”
(The) new city will create more places to live, work and visit,” the website added.
The megaproject which comprises of about 700 square kilometer city to be constructed in the desert to the East of Cairo would become the new seat of government, and it is presented as a far grander vision than the current capital.
According to the proposals, the unnamed city include housing for five million people, over 1,000 mosques, smart villages, industrial zones, a 5,000-seat conference center, and the world’s largest park.
With the announcement in 2015, a lot of companies worldwide shows interest over the project, like an Indian company reportedly planning a vast medical center and university, while a Saudi firm intends to build a 12.6 hectare mosque and Islamic museum.
As of posting, construction of the project is already under way.
In fact, based on the Egypt’s Al-Ahram newspaper report, engineers have begun work on infrastructure including bridges and 210 kilometers of roads.
The first phase of the project will see government ministries and residential blocks rise from the sand. This phase could be complete within five years, with the first residents moving in.