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Egypt kicks off 1st phase of building new capital

Xinhua, April 2, 2016 Adjust font size:

Egypt launched Saturday the first phase construction of its new administrative capital project east of Cairo, said Housing Minister Moustafa Madbouly.

"Four construction companies have been mandated to implement the infrastructure of the new capital," Madbouly was quoted by official MENA news agency as saying.

A state-run company would be the main developer of the project, and bids for private companies to take part in first phase will start in upcoming months, Madbouly added.

The housing minister has not mentioned the nationalities of the four constructing companies.

However, he said Chinese companies will only provide Egyptian contractors with long-term loans to finance the construction of 14 new governmental buildings, a major conference and a fair zone.

On Jan. 21, visiting Chinese President Xi Jinping suggested China and Egypt could coordinate their development strategies and visions, and focus on cooperation in infrastructure and production capacity.

President Xi added China is willing to participate in Egypt's key projects including the construction of a new administrative capital.

Egypt and China signed, during Xi's visit, financial deals including loans, grants and memos of understating worth nearly 15 billion U.S. dollars, part of which to be invested in the planning and infrastructure of the new capital.

Earlier in March, Egyptian President Abdel Fattah Al-Sisi instructed the Housing Ministry along with the army's engineering authority to finish the first phase within two years.

The utilities, main roads and infrastructure of the first phase will cost the country four billion Egyptian pounds (450 million U.S. dollars.)

The new capital in general is estimated to cost 45 billion dollars.

The first phase will include 12 ministries, and a number of other governmental institutions in addition to a residential area and a big park, Madbouly added.

The new capital is a national mega project initiated as a bid to relieve the highly congested Cairo with nearly 22 million inhabitants, two million cars and around 39,6000 km of roads. Endit