China to Finance Majority of New Egypt Capital's Tower District


Chinese banks will provide 85 percent of the funding needed for the $3 billion skyscraper-studded portion of Egypt’s new capital which is being developed by the China State Construction Engineering Corp., a senior official with the state-run company said Sunday.

Egypt’s Housing Ministry is responsible for the remaining 15 percent of costs not covered by the Chinese banks, Zhao Qiang, CSCEC Egypt’s deputy general manager, said in an interview with Bloomberg.

He said the company is negotiating with several local contractors, but declined to provide additional details. The business district is slated to include 20 high rises and a 385-meter-tower expected to be the tallest in Africa



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