Egypt strikes deal with Chinese company to fund 1m Acres Project infrastructure

The government struck a deal with a Chinese company to fund the infrastructure of the One Million Acres Project, according to Minister of Housing Mostafa Madbouly.

“The Chinese party requested details of the project and coordination to take place with them with regards to that issue,” added Madbouly in a cabinet issued Saturday evening.

The Ministry of Housing signed a memorandum of understanding (MoU) with the Chinese party in May 2015 to provide funding for the infrastructure of the land reclamation and new urban communities development projects within the One Million Acres Project.

The Chinese company was not named in the statement, but it was described as a company specialised in the field of infrastructure of the agricultural reclamation projects.