A new administrative capital called "The Capital Cairo" was announced by Minister of Housing Mostafa Madbouly at the Economic Summit on Friday. img class="wp-image-254766" src="http://www.dailynewsegypt.com/beta/wp-content/uploads/2015/03/7-31.jpg" alt="Government plans to establish "Cairo Capital" (Photo by Ahmed El-Malky)" width="300" height="176"/ The Capital Cairo is one of the largest-of-its-kind infrastructure development projects in the world, and will form a key part of the government's economic reform programme. The project will cost $45bn, and will take between five to seven years to complete, Madbouly added. He expected that the population of greater Cairo, currently estimated at about 18 million, will double within 40 years. With a land area of approximately 700sqkm, The Capital Cairo marks one of the largest Foreign Direct Investments (FDIs) in Egypt's infrastructure development. The entire project is 12 times the area of Manhattan, seven times larger than Paris, and four times that of Washington DC and is expected to house 7 million people on completion. "The Capital Cairo must be a model 21st century city for the region... The city will cater to the needs of Egypt's youth and future generations," Madbouly said. "It will include neighbourhoods for all groups of Egyptian society and be a critical centre for new employment. It will be truly diverse, catering to all groups of Egyptian society, allowing Egypt to enter new era." The Egyptian parliament, government departments and ministries, as well as foreign embassies, would move to the new metropolis, Madbouly added. The new city will be situated along the corridor between Cairo and the Red Sea, providing linkages to significant shipping routes. The city is bound to become a focal point of the Eastern Cairo region. With over 10,000km of boulevards, avenues and streets, the city will be pedestrian-friendly. It will have vibrant recreational spaces to bring people together. It will be buzzing with life day and night.
