China's c. bank issues 520.1b yuan off reverse repo    Gold prices edge higher on July 16th    Egypt stocks hit record highs in 2025 as reforms fuel rally: Cabinet    Egypt condemns Israeli strikes on Lebanon, Syria    Egypt signs strategic agreements to attract global investment in gold, mineral exploration    Egypt launches first national workshop on food systems, climate action with UN, global partners    Al-Sisi reviews Egypt's food security, strategic commodity reserves    Syria says it will defend its territory after Israeli strikes in Suwayda    Egypt urges EU support for Gaza ceasefire, reconstruction at Brussels talks    Pakistan names Qatari royal as brand ambassador after 'Killer Mountain' climb    Health Ministry denies claims of meningitis-related deaths among siblings    Egypt's Health Min. discusses drug localisation with Sandoz    Egypt, Mexico explore joint action on environment, sustainability    Egypt, Mexico discuss environmental cooperation, combating desertification    Needle-spiking attacks in France prompt government warning, public fear    Foreign, housing ministers discuss Egypt's role in African development push    Korea Culture Week in Egypt to blend K-Pop with traditional arts    Egypt, France FMs review Gaza ceasefire efforts, reconstruction    CIB finances Giza Pyramids Sound and Light Show redevelopment with EGP 963m loan    Egypt's PM urges BRICS to prioritise peace    Greco-Roman tombs with hieroglyphic inscriptions discovered in Aswan    Egypt reveals heritage e-training portal    Three ancient rock-cut tombs discovered in Aswan    Sisi launches new support initiative for families of war, terrorism victims    Egypt's GAH, Spain's Konecta discuss digital health partnership    Egypt expands e-ticketing to 110 heritage sites, adds self-service kiosks at Saqqara    Egypt's Irrigation Minister urges scientific cooperation to tackle water scarcity    Palm Hills Squash Open debuts with 48 international stars, $250,000 prize pool    Egypt's Democratic Generation Party Evaluates 84 Candidates Ahead of Parliamentary Vote    On Sport to broadcast Pan Arab Golf Championship for Juniors and Ladies in Egypt    Golf Festival in Cairo to mark Arab Golf Federation's 50th anniversary    Germany among EU's priciest labour markets – official data    Cabinet approves establishment of national medical tourism council to boost healthcare sector    Egypt's PM follows up on Julius Nyerere dam project in Tanzania    Paris Olympic gold '24 medals hit record value    A minute of silence for Egyptian sports    Russia says it's in sync with US, China, Pakistan on Taliban    It's a bit frustrating to draw at home: Real Madrid keeper after Villarreal game    Shoukry reviews with Guterres Egypt's efforts to achieve SDGs, promote human rights    Sudan says countries must cooperate on vaccines    Johnson & Johnson: Second shot boosts antibodies and protection against COVID-19    Egypt to tax bloggers, YouTubers    Egypt's FM asserts importance of stability in Libya, holding elections as scheduled    We mustn't lose touch: Muller after Bayern win in Bundesliga    Egypt records 36 new deaths from Covid-19, highest since mid June    Egypt sells $3 bln US-dollar dominated eurobonds    Gamal Hanafy's ceramic exhibition at Gezira Arts Centre is a must go    Italian Institute Director Davide Scalmani presents activities of the Cairo Institute for ITALIANA.IT platform    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



$3.2.bn projected Chinese investments for developing CBD's second phase of New Administrative Capital
Launching petrochemical refinery project at capital with $6bn investment
Published in Daily News Egypt on 05 - 09 - 2018

Developing the infrastructure of the second phase of the Central Business District (CBD) at the New Administrative Capital investments will reach $3.2.bn, according to Minister Counsellor for Economic Affairs at the Chinese embassy in Cairo Han Bing.
Bing told Daily News Egypt on Tuesday, on the side-lines of Euromoney Conference 2018, that three Chinese banks will finance the project in the capital.
Notably, DNE previously reported that China Fortune Land Development (CFLD), a company specialised in the field of constructing new cities and real estate development, finalised an agreement with the New Urban Community Authority (NUCA) to develop the infrastructure of the second phase of the CBD in the administrative capital.
Bing noted that developing the infrastructure on an area of 63 sqkm in the New Administrative Capital, whereby the area that will be developed includes industrial zones, residential, commercial, and entertainment areas.
Meanwhile, the Chinese companies in cooperation with the Administrative Capital for Urban Development signed an agreement with an Egyptian petrochemical refinery company to launch businesses with investments worth $6bn, Bing added.
President Abdel Fattah Al Sisi's current visit to China is considered a very big push for the development of economic cooperation between both countries, said Bing.
The presidential visit is very fruitful as Al Sisi did not only attend the Forum on China–Africa Cooperation (FOCAC) summit 2018, but he also paid China a state official visit, during which many important memorandums of understandings were signed.
“Furthermore, on the side-lines of President Abdel Fattah El-Sisi's visit to China recently, the two parties signed an agreement to launch a Chinese textile city in the Suez Canal Economic Zone among other Chinese projects in the zone with total investments of $1.1bn,” Bing noted, adding that the project will be implemented soon.
He explained that there is no progress regarding the Chinese textile zone in Sadat city.
Sino-Egypt Minkai company has already agreed with the Industrial Development Authority to develop an industrial zone in Sadat City for the textile industry. The company will pay the first instalment of 5% of the land in the first quarter of 2018 and following that, the company will begin construction.
DNE reported on Monday that three Chinese banks, which are China Development Bank (CDB), the Industrial and Commercial Bank of China, and China's EXIM Bank are considering more than $2bn syndicated loans for the New Administrative Capital, according to Bian Shiyuan, the chief representative at the CDB Cairo Office.
“If everything goes well, I hope the financing agreement can be signed later this year,” said Shiyuan, adding that Chinese banks are convinced that the New Administrative Capital will be a great success and the total amount of finance will be equally shared by the three Chinese banks.


Clic here to read the story from its source.