Investment Minister visits CFLD involved in new capital’s construction

CAIRO – 15 May 2017: Investment Minister Sahar Nasr toured Monday the headquarters of China Fortune Land Development Co., Ltd (CFLD), which specializes in new cities and real estate development, and is involved in the construction of the new administrative capital.

Nasr’s visit came on the sidelines of her participation in the "Belt and Road" forum in Beijing, China.

The visit to the headquarters was to follow up on President Sisi’s agreement and meeting with the company’s CEO in Egypt, Nasr said. She added the negotiations reached a final stage, the contract signing is soon, and the implementation of the first stage will be within a year’s time.

The company’s officials expressed their intention to invest about $20 billion (360.9 billion EGP) in Egypt in the next ten years, including investments allocated for the new administrative capital project, to be a city integrated and developed through the partnership between the public and private sectors.

The investment plan in the new administrative capital includes creating a smart village, a technologically advanced and environmentally friendly industrial zone, and a residential city, along with roads, services and facilities, such as schools, a university and research centers.

Construction work is set to begin on site a month following the signing of the contract.