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Housing Minister to announce funding mechanism for New Administrative Capital - Daily News Egypt

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Housing Minister to announce funding mechanism for New Administrative Capital

Minister of Housing Madbouly will make the announcement at the Builders of Egypt's A Road to Develop National Projects forum

Minister of Housing Mostafa Madbouly will reveal the final detailed scheme for the first phase of the new Cairo Capital during the Builders of Egypt’s A Road to Develop National Projects forum on Tuesday.

The forum has designated a special session to address the role of construction and real estate investment companies in the development of the New Administrative Capital. The session will also address mechanisms to facilitate the partnership between the government and the China State Construction Engineering Corporation (CSCEC) within the framework of seven memoranda of understanding (MOUs) signed between the two parties.

The forum will also address the future of the Suez Canal Development Area and its role in changing investment possibilities and practices in Egypt. The forum will discuss how local parties can invest in the area and how the expected investment value, ranging between $3bn and $4bn, can be used to build between 150 and 200 factories.

During the forum, the government also will present its developmental plans related to several other large national projects the 1.5m acre land reclamation project, and the second phase of the national plan for roads.

Over 1,000 companies, investors, and banking officials will participate in the conference.

Major energy companies will discuss how to use new energy resources to develop the real estate sector.

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