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China to Finance Majority of New Egypt Capital's Tower District

  • Chinese banks to finance 85 percent of CSCEC’s project
  • Grace period of up to 3 1/2 years before repayment to begin
A model of a planned new capital for Egypt.

A model of a planned new capital for Egypt.

Photographer: Thomas Hartwell/AP

Chinese banks will provide 85 percent of the funding needed for the $3 billion skyscraper-studded portion of Egypt’s new capital which is being developed by the China State Construction Engineering Corp., a senior official with the state-run company said Sunday.

Egypt’s Housing Ministry is responsible for the remaining 15 percent of costs not covered by the Chinese banks, Zhao Qiang, CSCEC Egypt’s deputy general manager, said in an interview with Bloomberg.