Lack of funds slows Egypt’s desert capital plans

Construction is already underway and no name has been given to the new capital.
Lack of funds slows Egypt's desert capital plans

Egypt is building another capital in the desert. The 2020 completion deadline is, however, threatened by the lack of available funds for the project. The project is expected to cost 58 million U.S. dollar and should be completed by 2020.

The idea for a new capital came a year after President Abdul Fattah al-Sisi was elected into office in 2015. He says it would lead to economic growth and provide more homes for the 20 million people in Cairo.

Construction is already underway and no name has been given to the new capital.

The North African country is building the continent’s tallest skyscraper with help from China State Construction Engineering Corp (CSCEC) in the business district, where 21 skyscrapers, including Africa’s tallest at 85 stories are planned.

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The Chinese corporation, with an 18-month time-line, is also building a $1.2 billion electrified train link from Cairo to the city. Electric buses will also serve the city.

However, a $20 billion deal for the second project phase agreed in 2016 with China Fortune Land Development Co. Ltd fell through over financial terms.


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