Prime Minister Sherif Ismail broke ground Sunday on the New Administrative Capital’s central business district, set to be built with USD3bn investments, according to a statement by the Cabinet. The project, to be developed by China State Construction Engineering Company (CSEC), is set to be completed within three years, Ismail said. The business district is financed by a Chinese loan, 15% of which will be paid back by the Ministry of Housing’s New Urban Communities Authority (NUCA) as a down-payment, Minister of Housing Mostafa Madbouly said. The remaining 85% of the loan will have a 42-month grace period before the 10-year repayment plan begins. The new capital’s 1.71mn square-metre business district consists of 20 towers for residential, commercial and administrative purposes, in addition to services. The district will also include a 385-metre tower, the highest in Africa, Madbouly said. Details of the project's design are currently being finalised, Madbouly said.