Egypt Suspends the Construction of Its New Capital Due to Lack of Funds

“There have been orders from the president to stop work on any new construction at the site of the administrative capital and to just continue with some buildings, which have already begun to be constructed in accordance with a deal struck with Chinese companies,” an Egyptian official in the presidential palace told The New Arab.

This came in reaction to the financial draught the state had to confront. New Arab’s source also added that other projects such as new residential cities in al-Alamein and Ismailia are similarly at risk of coming to a halt due to the same reason.

The new capital, that is feared to be another ghost town, has received a fund of USD 20 billion from the China Fortune Land Development Company after they met with president Abdel Fattah El-Sisi. It is expected to cover 700 square kilometer city in the desert to the East of Cairo. It would become the new home for the government’s headquarters and five million people, furnished with over 1,000 mosques, smart villages, industrial zones, a 5,000-seat conference center, and the world’s largest park. Additionally, an Indian company is planning a giant medical center and university, while a Saudi firm intends to build a 12.6 hectare mosque and Islamic museum.

WE SAID THIS: We hope things bloom in the favor of this new capital.