China's $20 Billion New Egypt Capital Project Talks Fall Through
- Egyptian officials say sides disagreed on how to share revenue
- Egypt has struggled to increase foreign direct investment
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Talks between Egypt and Chinese builder CFLD for a $20 billion development in the new administrative capital have fallen through over disagreements on how to share revenue from the project, Egyptian officials said.
Two years of tough negotiations came to an end after Egyptian authorities sent a response to the final proposal by the Shanghai-listed China Fortune Land Development Co. on developing 15,000 acres (6,070 hectares) over 25 years in the new capital east of Cairo.