Egypt faces more delays in funds to build new capital

The consortium of Chinese banks funding the lion’s share of Egypt's new administrative capital has delayed delivery of the loan until Egypt provides more proof of its ability to repay the funds.
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Chinese construction laborers work at the site of the Iconic Tower skyscraper, being built by China State Construction Engineering Corp (CSCEC), in what will become the business district of the New Administrative Capital (NAC), east of Cairo, Egypt, May 2, 2019. - REUTERS/Amr Abdallah Dalsh
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Ahmed Youness
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Money issues continue to plague Egypt's plans for a new administrative capital.

Egypt has yet to meet multiple conditions attached to China’s $3 billion loan facility to design and construct the proposed new capital's central business district, an Egyptian government source told Al-Monitor.

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