Egypt has announced plans to build a new capital east of Cairo. Housing Minister Mostafa Madbouly said the project will cost $45 billion and take five to seven years to complete. He said the aim was to ease congestion and overpopulation in Cairo over the next 40 years. It is planned to be built over 270 square miles and house about five million residents. At a gathering in the Red Sea resort of Sharm el-Sheikh, pledges worth $12 billion in aid were committed from Kuwait, Saudi Arabia and the United Arab Emirates. The population of greater Cairo, about 18 million, is expected to double within 40 years. The Egyptian parliament and its government departments, ministries, and foreign embassies, will move to the new metropolis. Developers say the new still unnamed city will include almost 2,000 schools and colleges and more than 600 health care facilities. The project is expected to create more than a million jobs.
Source: Drudge Report

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