New Capital’s Value Reaches EGP 1 trn.
Prime Minister Mostafa Madbouly revealed that the New Administrative Capital’s (NAC) worth has reached EGP 1 trn, the state-run newspaper Al Ahram reports.
This came when the prime minister was addressing a plenary session of the Egyptian parliament, alongside eight ministers. Having been asked to give a statement on the country’s condition, Madbouly stressed the importance of building new cities, in the wake of the current population boom.
“The government is working on transforming neglected lands into new areas and cities with great value, which was the exact case with the NAC. It started on 170,000 acres and was not included in the state’s budget; however, it now has a market value of around EGP trn,” he highlighted.
Further, Madbouly called on all members of the parliament (MPs) to look at the transcripts from parliamentary sessions in the early 1980s, when MPs questioned the then-housing minister on the construction of new cities, which reached 22 cities in several regions in Egypt and include 10th of Ramadan, as well as Obour and Shorouk cities, according to Al Ahram.
About 9 mn citizens live in these cities now and some are home to the Egyptian industry, the prime minister noted, emphasizing, “That is why the government is establishing new cities across the country.”
The new capital project was announced in 2015 and construction began soon after. The government is planning to relocate ministries and other state buildings to the new city as of 2020.