Ministry of Housing signs USD3bn MOU with CSCEC to build government block at New Administrative Capital
The Ministry of Housing has signed MOU with China State Construction Engineering Corporation (CSCEC) to build the government block at the planned New Administrative Capital, a deal worth USD3bn. The final agreement will be signed before year-end, Minister Moustafa Madbouly said. The lag is reportedly due to negotiations concerning the loan terms needed to finance the projects. The company had signed USD45bn MOUs with the government and the private sector in January for the New Administrative Capital projects. (Al Borsa, Enterprise)
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