CAIRO -- A project by Chinese state companies to help build a new capital for Egypt is back on track after running aground earlier in a dispute over contract terms.
The Egyptian investment and housing ministries have begun talks to finalize an agreement with Shanghai-listed developer China Fortune Land Development under which the company is to invest up to $20 billion to build an upmarket residential district, an industrial zone, schools, a university and recreational centers in the new capital, along with supporting infrastructure, according to a statement issued by the investment ministry on May 15. Officials estimate the final agreement could be reached by year-end, with construction beginning the following month.
