18 April 2019 12:44 PM

PM lays foundation stone of new Business District

Sunday، 18 March 2018 - 11:54 AM

Prime Minister Sherif Ismail laid on Sunday 18/3/2018 the foundation stone of the Central Business District designed to attract international and global enterprises in the New Administrative Capital.

Housing Minister Moustafa Madbouli, head of the New Administrative Capital Company Ahmed Zaki Abdine, the Chinese ambassador in Cairo and a host of senior officials attended the ceremony.

Ismail said this ceremony is held under the sponsorship of President Abdel Fattah El Sisi and his Chinese counterpart Xi Jinping.

He lauded the giant project which is carried out by a Chinese company in cooperation with Egyptian contracting companies.

The project will include 20 residential, service, administrative and business towers, including a 385-meter-high tower that could be the tallest in Africa.

The three-billion-dollar project will be funded by a Chinese loan. The New Urban Communities Authority has paid 15 percent of the value of the loan as a down-payment while the rest will be re-paid over ten years with a 42-month grace period.

The project covers 1.7 million square meters of lands.

Madbouli briefed the premier on the initial designs of the towers, adding that the land of the project was handed over to the Chinese company to start immediate construction works.

The new capital will consist of 8 residential neighborhoods in addition to a central business district, an embassies district, a government district, a banking district, the city center, the City of Justice, Knowledge Land (smart village) and a cultural city.


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