Posted on Oct 29, 2023
Why Egypt Can’t Afford Its $58B New Capital City | WSJ Breaking Ground
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LTC Eugene Chu
"Egypt is building a new $58 billion administrative capital from the ground up. But what began as a ploy to decongest Cairo’s traffic, has quickly racked up criticism over a growing budget and questions about who this new city benefits.
Sitting over 20 miles east of Cairo, the new capital plans to include a miles-long central park, a main business district with a Chinese-built tower and a massive new headquarters for the Egyptian Ministry of Defense, known as the Octagon. But how many people can afford to live in this city designed for 6 million people?
WSJ looks at what this new desert city reveals about Egypt’s plans for the future and looks at the debt it’s racking up to get there. "
"Egypt is building a new $58 billion administrative capital from the ground up. But what began as a ploy to decongest Cairo’s traffic, has quickly racked up criticism over a growing budget and questions about who this new city benefits.
Sitting over 20 miles east of Cairo, the new capital plans to include a miles-long central park, a main business district with a Chinese-built tower and a massive new headquarters for the Egyptian Ministry of Defense, known as the Octagon. But how many people can afford to live in this city designed for 6 million people?
WSJ looks at what this new desert city reveals about Egypt’s plans for the future and looks at the debt it’s racking up to get there. "
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