Cairo - Mubasher: Total investments in the 400,000-feddan first phase of Egypt’s New Administrative Capital amount to EGP 300 billion ($19.05 billion) which are secured by self-financing, chairman of the Administrative Capital for Urban Development (ACUD), Ahmed Zaki, told Reuters on Wednesday.
The cost of utilities in the first phase ranges between EGP 15 billion and EGP 20 billion, while spending on the government district amounted to EGP 40 billion, Zaki added.
The top official added that the Egyptian Cabinet will move its offices to NAC on 30 June 2020.
The mega city’s first phase will house 2-2.5 million people, whereas the whole project will house 7 million, Zaki revealed.
It is worth mentioning that the development of Egypt’s new capital is part of a broader objective to double the country’s urban space from 7% to 14% through road projects and 14 new cities by 2052.