CSEC backs out of new capital city construction agreement

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-

Sun, 26 Feb 2017 - 02:05 GMT

BY

Sun, 26 Feb 2017 - 02:05 GMT

Press photo

Press photo

CAIRO – 26 February 2017: Chinese State Construction Engineering Corporation (CSEC) backed out of its agreement with Egypt's New Administrative Capital to construct ministerial buildings, a National Convention Centre, new Parliament and an exhibition complex, African business Magazine

reported

on Thursday.

CSEC added that the agreement, signed in September 2015, was an overall contract worth $3 billion USD spread over a three-year construction period.

Ayman Ismail, chairperson of the New Administrative Capital for Urban Development, said in a statement released on Feb. 6 that no satisfactory agreement had been reached by the two parties in terms of the price per square meter of the implementation of the project, adding that the company would rely on Egyptian contractors to complete construction works.

CSEC is the second foreign company to withdraw from the project, following a developer from the United Arab Emirates.

The New Administrative Capital city project was originally proposed by President Abdel Fatah al-Sisi in an attempt to curtail the growing unemployment and housing shortage problems.

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