Egypt's new capital city moved a step closer to reality with the announcement that Chinese developers will largely fund the megaproject. 

 

中国开发商宣布了对埃及新首都大型工程的巨额投资后，这座新首都向成为现实又迈进了一步。

 

The China Fortune Land Development Company (CFLD) agreed to provide $20 billion for the currently unnamed city, after a meeting between heads of the firm and Egyptian President Abdel Fattah El Sisi. 

 

This follows a previous commitment of $15 billion from another Chinese state-owned company, bringing the project close to its $45 billion budget requirements for phase I. 

 

Plans for the new capital were first announced in March 2015. Government officials described the development as a solution to crowding, pollution and rising house prices in Cairo. 

 

"Cairo Capital is a momentous¹ endeavor to build national spirit, foster consensus², provide for long-term sustainable growth," said the project website. "(The) new city will create more places to live, work and visit."

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