New Administrative Capital co. committed to project timeline: spokesman


The New Administrative Capital Company is committed to the timeline of the project and will completely finish the government district for the new administrative capital by the second half of 2019, New Administrative Company Spokesman Khaled al-Husseiny.

Husseiny told Al-Masry Al-Youm that the government district, constructed under the supervision of the Engineering Authority of the Armed Forces, consists of 36 buildings, including the Cabinet headquarters, a building for the House of Representatives, and 34 other buildings for each ministry.

The company’s management held several meetings with the Planning Minister Hala al-Saeed and agreed to transfer the employees on two stages. Each stage will comprise about 57,000 employees, Husseiny said.

Meanwhile, Chairman of the Egyptian Financial Regulatory Authority Mohamed Omran called for reducing greenhouse emissions, and promoting green projects. He called on governments of emerging market countries to adopt green economic growth, especially the Egyptian government.

The new administrative capital should be a nucleus and a model to be followed to build other green cities in Egypt, Omran added.

In his speech at the opening session of Astana’s Sustainable Finance Conference in Kazakhstan, Omran stressed the need for each country to have a national strategy and a clear roadmap in how achieve transition to a green economy.

Despite being costly in the short term, Omran emphasized the benefits in the long-run.

Omran also referred to the role of stock markets and other non-bank financial activities in mobilizing savings and optimizing the use of available resources to achieve green and sustainable development through encouraging the issuance of environmentally friendly financial instruments.

The total value of green bonds at the international level has reached US$42 billion in 2015, $82 billion in 2016, and over $150 billion in 2017, according to Omran.

An adviser to the New Administrative Capital Company announced back in Spetember 2017 that the government plans to relocate its institutions to the new capital by 2019.

During a speech before the Euromoney Conference in Cairo Ayman Ismail, the adviser to Board of Directors in the company, said that the New Administrative Capital has been designed to include administrative buildings such as ministries and parliament, with an innovative design to accommodate their target population of 5 million people.

He suggested that the new capital is not the same as the residential cities of 6th of October and the Fifth Settlement in New Cairo.

Ismail pointed out that the new capital is closer to the design of Singapore, and the vision has been developed to make the city include more than just government buildings and that it will be built as an integrated city.

In order to reach the target population, Ismail said there is an aim to move one million residents to the city during the first phase. He also explained that “we are working on building a transport network that links Cairo’s downtown with the new capital and the Suez Canal in 30-40 minutes by electric train.”

The Housing Ministry has said that the city is set to be a 270-square-mile hub, with 21 residential districts to accommodate five million people.

It will feature 1,250 mosques and churches, a 5,000-seat conference center, nearly 2,000 schools and colleges, over 600 medical facilities and a park that is projected to be the world’s largest.

The new capital will be located between Cairo and the Suez Canal region, boasting its own airport, and will include 490 square kilometers of available land for urban development.

Edited translation from Al-Masry Al-Youm


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