Housing Ministry: $3bn worth of Chinese loan to implement NAC project

CAIRO, April 28 (MENA) - Housing Minister Assem el Gazzar said that the first payment of a loan from the Industrial and Commercial Bank of China (ICBC) to design and establish a central business zone in the New Administrative Capital (NAC) is worth 834 million dollars.

He put the total cost of the project at about three billion dollars.

In a statement on Sunday, Gazzar said that the first payment will cover the expenses of designing and building seven tall towers on a total area of 600,000 square meters.

The central business zone should also have 20 towers, including a 385-meter-tall iconic tower, which will be the tallest in Africa, he said.