Egypt announces plans to build new capital
Egypt's government announced Friday plans to build a new capital adjacent to Cairo, in a massive new project that in its first phase would cost $45 billion and take up to seven years to complete.
Housing Minister Mostafa Madbouly announced the plan at the opening of the 3-day international economic conference held in this resort city and attended by hundreds of business executives and world leaders. The aim, he said, is to alleviate congestion and overpopulation in Cairo over the next 40 years. By that time, Cairo – currently home to nearly 20 million – would have doubled in size.
