China State Construction Engineering Corporation has agreed on a $ 2.2 billion loan to finance its work on the central business district in Egypt’s new administrative capital.
The HSBC Egypt-led loan consortium has agreed to a 13.5-year facility covered by China Export and Credit Insurance Corporation. HSBC has granted a loan of USD 500 million to the Egyptian developer Redcon, who is building Green River Park in the capital.
The money flows into 18 towers that house government offices, hotels and leisure facilities.
Underneath is the 385 m high Iconic Tower (picture), which will be the tallest building in Africa after its completion in the second half of 2021. This project is underway and has reached 250m.
The first phase of the capital has an estimated construction cost of $ 3 billion.
Meanwhile, Egyptian real estate company Taj Misr Developments this week announced the start of a $ 95 million commercial project in the capital.
Image: Work on Africa’s tallest building (CSCEC)