Financing a large-scale project like the New Administrative Capital (NCA) outside the state budget may seem surprising. However, Egyptian Prime Minister Moustafa Madbouly recently clarified this issue by stating that the NCA was set up thanks to large-scale real estate development companies.
He categorically denied reports of funding coming from the state budget, emphasizing that these reports were completely false. It was during the handover ceremony for the first three towers of the NCA business district last Sunday that Moustafa Madbouly made these remarks.
The NCA project generated profits exceeding 20 billion Egyptian pounds, demonstrating its success. This new administrative capital has attracted international attention due to its size and ambition, providing a glimpse of Egypt’s progress in urban development.
Speaking about ongoing projects in the ancient capital, Madbouly highlighted the huge volume of projects being implemented, including the development of entertainment and service areas, as well as the construction of projects such as Fustat Hills.
In addition to the NCA’s projects, Moustafa Madbouly also discussed President Sissi’s initiative to provide decent housing for all Egyptians. He announced that this initiative had already resulted in the construction of one million housing units, underlining the government’s commitment to solving housing problems in the country.
Furthermore, Madbouly highlighted the cooperation between the state and the private sector in carrying out housing projects, a collaboration that has contributed to the resolution of housing-related problems.
The cost of these housing projects amounts to more than 400 billion Egyptian pounds, which demonstrates the scale of the efforts made by the state to solve the housing problems of citizens.
Moubtaly concluded his speech by saying that the state was able to solve all housing-related problems by developing unsanitary slums and building new real estate projects that guarantee a decent life for all Egyptians.
In short, the Egyptian government is continuing its efforts to finance and carry out large-scale projects such as the New Administrative Capital. These initiatives demonstrate the country’s desire to create a better living environment for its citizens and to promote sustainable economic development.