Egypt's new capital city moved a step closer to reality with the announcement that Chinese developers will largely fund the megaproject. The China Fortune Land Development Company (CFLD) agreed to provide $20 billion for the currently unnamed city, after a meeting between heads of the firm and Egyptian President Abdel Fattah El Sisi. This follows a previous commitment of $15 billion from another Chinese state-owned company, bringing the project close to its $45 billion budget requirements for phase I. Read more
