The regime of President Abdel Fattah Al-Sisi continues to involve Egypt in more debts, after it has announced a $ 3 billion loan from China to establish a Central Business District in the new administrative capital, east of Cairo.
The first loan instalment agreement, out of 3 instalments, was signed to finance the design and construction of the Central Business District in the new administrative capital with a group of Chinese banks for the financing of the project.
According to a statement issued by the Ministry of Housing, the value of the first instalment, is about $ 834 million, out of $ 3 billion, without specifying the schedule of the next two payments, according to “Arabi 21” website.
It explained that the first instalment of the loan will cover the cost of the design and establishment of 7 high-rise towers, comprising (two administrative towers and five residential towers).
On the other hand, the Minister of Housing said that the Central Business District of the new administrative capital includes 20 towers for various uses and services, including the iconic tower, which is the highest tower in Africa, about 385 meters high.
The Ministry of Housing did not disclose the mechanism or sources of repayment of the Chinese banks’ loan to finance the construction of the "high-rise towers".
According to the IMF predictions, Egypt’s external debt will reach $ 104.4 billion in the next fiscal year (2019-2020), compared to $ 93.1 billion in September 2018, the equivalent to 35.4% of GDP, in light of the Egyptian government’s resort to the external borrowing as an alternative to the domestic borrowing.
#Al_Sisi #Egypt #debts
English 
العربية