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China Investment to Withdraw from Egypt's New Capital Plan

  • Author:Lucy Tian
  • Source:Onekin
  • Release on:2017-02-10
  The Egyptian Ministry of Housing and Construction announced that Egypt and China State Construction Engineering Corporation (China Construction) a worth of $ 3 billion of pre-planned construction contract void,the Chinese side opted out because of the construction cost.

  In 2015,the Egypt government announced a grand plan to build a new administrative capital in the capital 45 kilometers east of Cairo. New capital cost estimated at 300 billion US dollars,its airport is larger than the British Heathrow airport,and a higher building than the Eiffel Tower.

  According to Reuters report,it was a following construction company in the United Arab Emirates to withdraw from the new capital construction project in Egypt.The Egypt contractor will now take over the construction of the new city's government facilities, said Ismail, who is responsible for the development of the new city.

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