A consortium of Chinese banks led by the Industrial and Commercial Bank of China (ICBC) has provided 85 percent of funding for the 20 towers in the central business district (CBD) of the New Administrative Capital in Egypt, a media report said.

The remaining 15 percent was funded by the Egyptian government, Ashraq Business reported, citing an unnamed source.

The total cost of development was $3.8 billion, the report said, adding that the handover for 15 towers will start next month.

The remaining five towers will be completed as per the schedule finalised by the state-backed China State Construction Engineering Corporation, but no details were given.

The loan will be repaid in over 10 years, starting with the handover of the towers, the report said.

(Writing by P Deol; Editing by Anoop Menon)

(anoop.menon@lseg.com) 

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