Egypt Signs $3 Billion Loan Deal with Chinese Commercial Bank to Build Business Zone in New Capital

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Egypt Signs $3 Billion Loan Deal with Chinese Commercial Bank to Build Business Zone in New Capital
Egypt Signs $3 Billion Loan Deal with Chinese Commercial Bank to Build Business Zone in New Capital

Egypt signed on Sunday a $3 billion loan with the Industrial and Commercial Bank of China (ICBC) to design and establish a central business zone in the New Administrative Capital (NAC). Minister of Housing Assem El-Gazzar, who attended on Sunday the signing ceremony with ICBC representatives in Beijing, said that Egypt would receive $834 million as the first tranche of the loan.

El-Gazzar said the first tranche will cover the expenses of designing and building seven tall towers on a total area of 600,000 square meters. The central business zone would also see the erection of 20 towers, including a 385-metre-tall tower, which will be the tallest in Africa, the minister said. The signing of the deal comes as Egyptian President Abdel-Fattah El-Sisi concluded his three-day trip to China to participate in the Belt and Road Initiative forum in Beijing.

CENTER FOR AFRICAN STUDIES

Center for Africa Studies (AFRAM) which located in Ankara, is an organization facilitating under the administration of African Affairs Council (AFAC). It makes various researches about Africa to enhance economic and cultural bounds between Africa and Turkey. AFRAM’s publishings has been shared with different institutions as they require to obtain.

AFRICA OBSERVATORY

Africa Observatory is one the publishing of AFRAM and it has been published each two weeks. It has been delivered to different institutions via e-mail.



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