The Media Centre of the Egyptian Cabinet said that some websites and social media pages circulated news about the company borrowing from banks to complete construction on the projects its developing within the New Administrative Capital (NAC).

The Cabinet pointed out that it had contacted the ACUD, which denied the news, stressing that it is not appropriate to borrow from banks to complete its projects.

The ACUD explained that the financing of all its projects in the NAC is done completely independently by relying on the company’s revenues from proceeds of selling lands to real estate developers and investments in valuable plots of land, which are then re-directed to complete construction and pay its obligations without the need to obtain any loans from banks.

Furthermore, the company disclosed that construction is nearly complete at the NAC’s Financial and Business Districts, as well as the Central Business District, which includes 20 towers, including the iconic tower, which is 60% complete.

It also announced that construction on the Sports City has concluded, however it is still underway on the Arts and Culture City, New Opera, City of Knowledge, Islamic Cultural Centre of Egypt, and the NAC Hospital, in addition to central parks, Olympic City, as well as educational services, schools, and universities in the new capital.

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