Egypt's prime minister breaks ground on new capital’s $3 billion business district

Prime Minister Sherif Ismail broke ground Sunday on the new administrative capital’s central business district, set to be built with $3 billion investments, according to a statement from the cabinet.

The project, to be developed by China State Construction Engineering Company (CSEC), is set to be completed within three years, Ismail said.

The business district is financed by a Chinese loan, 15% of which will be paid back by the Ministry of Housing’s New Urban Communities Authority as a downpayment, Minister of Housing Mostafa Madbouly said.

The remaining 85% of the loan will have a 42-month grace period before the 10-year repayment plan begins.

The new capital’s 1.71 square-meter business district consists of 20 towers for residential, commercial, and administrative purposes in addition to services. The district will also include the highest tower in Africa, at a height 385 meters, Madbouly said.