Cairo – Mubasher: The value of investments in Egypt’s New Administrative Capital have reached EGP 250 billion ($15 billion), Administrative Capital for Urban Development (ACUD) stated on Thursday.

Responding to allegations concerning the decline of foreign investments in the new capital due to the complexity of some procedures, ACUD asserted that the major project is still attracting significant foreign investments, the company added.

ACUD stressed that Egypt is keen on attracting and encouraging both local and foreign investments by providing all possible facilities.

Situated on 170,000 acres, the New Administrative Capital is set to house 6.5 million people when completed and create 2 million jobs.