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, reports Kieron Monks for CNN. 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 mega-project as a solution to crowding, pollution and rising house prices in the current capital.
{Andy Heller-Matzav.com}
