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Tuesday, 4 October 2016

USD 20 bn from China Fortune Land to develop phase 2 of new capital

CHINA FORTUNE LAND DEVELOPMENT COMPANY has signed an agreement which would see it invest USD 20 bn to develop and manage 14,000 feddans in phase 2 of the New Administrative Capital, according to a government statement run by Al Mal and Reuters. Under the agreement signed with the ministers of housing and investment, the company is to provide funding for the development including all relevant infrastructure, with the Housing Ministry providing land and the Investment Ministry securing all the required permits. The project is expected to take place during the second phase of the new capital’s construction and draw in another USD 15 bn in new foreign direct investment, read the statement. CFLD has also promised to organize a summit in China aimed at drawing investments to Egypt.

In other China-related news, the Egyptian Electricity Transmission Company has signed a USD 660 mn loan agreement with a number of unnamed Chinese banks to fund the development of 1,210 km of transmission lines which will be built by the State Grid Corporation of China, Al Borsa reports.

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