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Chinese project to build new Egyptian capital revived

Government officials say developer to invest up to $20bn

Egyptian officials project that 5 million people will live in the new capital, depicted in this official model, once developed. (Courtesy Egyptian Housing Ministry)

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.

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