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Egypt’s New Administrative Capital is seeing a big leap in the construction level. The Industrial and Commercial Bank of China (ICBC)-led consortium financed 85% of the $3.8 billion central business district (CBD) project. This includes the construction of 20 towers. The Egyptian government covered the remaining 15% of the cost. According to Asharq Business, 15 towers are now ready for handover, to be initiated next month. Meanwhile, five towers are still being constructed by China State Construction Engineering Corporation (CSCEC). They will be completed according to an agreed schedule, although specific dates were not given. The Chinese bank loan will be paid back within 10 years from the handover date. Notably, the skyscraper, which is still under construction, will have a height of 345 meters, the highest in Africa. The achievement marks a crucial phase in the Egypt’s New Administrative Capital project. Significance and Scope of Implementation on Egypt’s New Administrative Capital The development of the CBD of Egypt’s New Administrative Capital is an indicator of sound international cooperation. It highlights China’s growing investment in mega African infrastructure. It further confirms Egypt’s aspiration to create a new, well-planned city center to the east of Cairo. Tower construction is but one piece of the larger scheme, which also involves residential areas, government buildings, and business districts. Implementation is, however, currently focused on the skyscraper business district. Comprising half a square kilometer, the project is also a component of an allied drive within a much larger urban planning scheme. Although initial plans have swayed between UAE and Chinese involvement, Egypt has now secured the building with ensured financial and technical backing. Specifically, the work of this phase is limited to the tower construction of the central area. Future expansion will depend on ongoing financing and political backing. Meanwhile, the successful completion approach of towers helps ensure the project’s feasibility. |
