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New capital to be implemented via investment zones: Salman - Daily News Egypt

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New capital to be implemented via investment zones: Salman

Alabbar is within a local, foreign, and Arab alliance to create the master plan of the capital, while the infrastructure implementer is yet to be decided

The government is taking significant steps toward implementing the new administrative capital project via an investment zone system, according to Minister of Investment Ashraf Salman.

The investment zone system has some advantages for the completion and implementation of procedures and simplifying them for investors, Salman added.

The minister told Daily News Egypt that the government is open to all scenarios for the implementation of the new administrative capital. He did not rule out the implementation of the project via a private nature economic zone system, as had previously been undertaken with the Suez Canal Axis.

The law gives the authorities of these special nature economic zones more facilitation to grant operation licences for investors to speed up their activities and bypass bureaucracy, from which Egypt suffers.

Salman said, during the Euromoney conference, that the government has put up the master plan implementation for local, Arab, and foreign consulting firms. He stressed that Alabbar will be amongst the alliance penning the master plan.

He added that the costs of the capital infrastructure and its implementation, whether in the government or the private sector, is still under consultation within the government. Salman added that there could be a call to establish a private or joint main development company to implement the project.

The minister added that the government has completed the establishment of a joint committee with China to oversee the targeted Chinese funding to be pumped for the implementation of the projects currently on the table.

Salman said that President Abdel Fattah Al-Sisi contributed to the redrawing of Egypt’s foreign relations map during his recent Asian tour. The minister added that the world understands very well what happened in Egypt, and appeared confident in the economic reforms recently implemented by the government.


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