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Egypt signs memorandum of understanding with China for new capital
A model of a planned new capital for Egypt is displayed for investors at the opening of the Egypt Economic Development Conference (EEDC) in Sharm el-Sheikh, in the South Sinai governorate, about 550 km (342 miles) south of Cairo, March 13, 2015. REUTERS/Amr Abdallah Dalsh
CAIRO, Sept 2 (Aswat Masriya) - Egyptian investment minister Ashraf Salman signed on Wednesday a memorandum of understanding with a Chinese company to develop the new administrative capital, reported the state news agency MENA.
This agreement was signed on the sidelines of President Abdel Fattah alSisi's three-day visit to China, which targets boosting business cooperation.
Egypt launched in March a new administrative capital east of Cairo at the cost of $45 billion. It will take from five to seven years to construct it. It will be located between Cairo and the Suez Canal region.
The new city will include 1.1 million residential units to fulfill the overgrowing population, which now amounts to 90 million people.
