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October 11, 2016       Share:    

Source: http://edition.cnn.com/2016/10/09/africa/egypt-new-capital/

Egypt Is Getting a New Capital - Courtesy of China

(CNN) Kieron Monks - The China Fortune Land Development Company (CFLD) agreed to provide $20 billion to build Egypt's currently unnamed new capital city, after a meeting between heads of the firm and Egyptian President El-Sisi. This follows a commitment of $15 billion from another Chinese state-owned company. Plans for the new capital, to be constructed in the desert east of Cairo, were first announced in March 2015 by government officials who described the megaproject as a solution to crowding, pollution and rising house prices in the current capital.

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