Egypt to launch $1.6B ‘Money, Business Center’ project at March Summit

Egypt will launch the “Money and Business Center” project with an estimated investment cost of 12.5 billion EGP ($1.63 billion) at the upcoming economic summit scheduled in March, Housing Minister Moustafa Madbouly announced Saturday.

“The project will be located in the southern district in al-Wahar Road in the Sixth of October and Sheikh Zayed cities…It will be implemented to a 2,000- acre land bloc,” Madbouly said in a Saturday statement.

Egypt hopes the long-awaited Egypt Economic Development Conference, scheduled to be held in the resort town of Sharm el-Sheikh March 13-15, would lure fresh investments to boost its limping economy battered by political turmoil since the January 25 Revolution.