African Development Bank to contribute $1.5B to Egypt’s new capital project

African Development Bank to contribute $1.5B to Egypt’s new capital project

The African Development Bank has vowed to provide a US$1.5 billion contribution to the financing of Egypt’s New Administrative Capital project.

The announcement was made on Saturday by bank chief Akinwumi Adesina during the Africa 2016 Forum hosted by Egypt in Sharm el-Sheikh until Sunday.

Egypt’s plans to build a new, 700 square kilometers administrative capital east of Cairo. It was among the projects marketed during the economic summit of investors in Sharm el-Sheikh in March 2015.

Egypt cancelled its MoU with Emirati Capital City Partners in June after disagreements emerged on financing for the new capital project.