Release of USD 3 bn China loan for new capital business district faces delays: The release of a USD 3 bn Chinese loan to finance the construction of the new administrative capital’s business district has been delayed after the Housing Ministry failed to meet the loan conditions, a government told Al Shorouk. The first tranche of USD 834 mn was due to be paid out after licenses were acquired for the project this month, but Chinese lenders are reportedly not satisfied that the government has met their conditions, which the source refused to disclose. Egypt has closed the USD 3 bn in Chinese financing back in May 2019. The first tranche will be used to finance construction during the initial 600k sqm phase of the district, which includes two administrative and five residential skyscrapers.

Tags: