CSCEC secures $2.2bn loan to finance work on CBD project in Egypt’s New Administrative Capital

HSBC Egypt-led lending consortium agrees to 13.5-year facility covered by China Export and Credit Insurance Corporation

China State Construction Engineering Corporation (CSCEC) has agreed a $2.2 billion loan to finance its work on the central business district in Egypt’s New Administrative Capital.

The lending consortium, led by HSBC Egypt, agreed to a 13.5-year facility covered by China Export and Credit Insurance Corporation, reported GCR. HSBC has also provided a $500 million loan to Egyptian contractor Redcon, which is building the Green River Park in the capital.

The report added that the money will go on 18 towers that will accommodate government offices, hotels, and leisure facilities. Amongst these will be a 385-metre high tower – Iconic Tower – which will be Africa’s tallest building when it completes in the second half of 2021. The project is underway and has reached a height of 250-metres, the report said.

The first phase of the capital has an estimated cost of $3 billion.

CSCEC was appointed to the Central Business District project in 2016 by Egypt’s Ministry of Housing, Utilities and Urban Communities.

Described by Egyptian Prime Minister Mustafa Madbouly as glorious as the ancient pyramids, the CBD has a total area of 505,000 sqm.

The project consists of 20 buildings, including 12 high-rise office buildings, five high-rise apartment buildings, two luxury hotels, and the 385-metre tower.

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