Egypt Is Getting a New Capital – Courtesy of China

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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}

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