(ATR) Egypt plans to construct an Olympic Park in its new administrative capital as part of the country’s plans to boost the economy.
Minister of Housing Moustafa Madbouly says the country signed a Memorandum of Understanding with China Rail Group Limited on Wednesday to construct the project as well as six government buildings. The Chinese construction company must present its designs for the park within the next month.
The construction of a new administrative capital is one of a series of mega-projects laid out by Egyptian President Abdel Fattah El-Sisi, projected to cost $45 billion in total. The project was proposed last March at an economic conference in Sharm El-Sheikh.
The MOU signed with China Rail requires the Egyptian government to provide 15 percent of funding for the Olympic Park. The park will be built on just over 2,000 acres and is expected to take 30 months to complete.
This is the latest in a series of cooperative projects between Egypt and China. Chinese president Xi Jinping visited Egypt earlier in January to sign a number of deals in the transportation, power and aviation sectors worth $15 billion.
The construction of the Olympic Park could pave the way for a potential Olympic bid in 2028.
Written by KevinNutley
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