Egyptian developer Misr Italia Properties (MIP) has inked contracts worth 700 million Egyptian pounds ($45 million) to accelerate the construction work of its projects in the New Administrative Capital (NAC).  

The developer said in a press statement that it has signed a 400-million-pound ($25 million) agreement with Solid Construction to expedite its16 billion-pound ($1.2 billion) flagship NAC project IL BOSCO.  

It said Solid Construction has been awarded the concrete work and Core & Shell of nine apartment buildings within BOSCO Phase 3 with a completion timeline of 18 months from mid-August 2021.  

The statement said contracts worth 200 million pounds ($12 million) were also signed with three construction firms to accelerate the construction of six buildings that form part of Phase 1 of the 9-billion-pound Vinci New Capital with a completion timeline of 18 months starting 1 September.  

The statement said the agreements were signed following presidential directives to speed up the completion of NAC projects. 

(1 US Dollar = 15.73 Egyptian Pounds) 

(Writing by Eman Hamed; Editing by Anoop Menon) 

(anoop.menon@refinitiv.com) 

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© ZAWYA 2021