Why Egypt Can’t Afford Its $58B New Capital City | WSJ Breaking Ground

Egypt is building a new $58 billion administrative capital from the ground up. But what began as a ploy to decongest Cairo’s traffic, has quickly racked up criticism over a growing budget and questions about who this new city benefits.

Sitting over 20 miles east of Cairo, the new capital plans to include a miles-long central park, a main business district with a Chinese-built tower and a massive new headquarters for the Egyptian Ministry of Defense, known as the Octagon. But how many people can afford to live in this city designed for 6 million people?

WSJ looks at what this new desert city reveals about Egypt’s plans for the future and looks at the debt it’s racking up to get there.

0:00 Egypt’s new capital
1:02 The goal behind the new capital
3:47 The challenges for the government
4:55 The challenges for the people
6:06 Geopolitics
6:57 What’s next?

#Egypt #Megaprojects #WSJ

On October 28, 2023 By Brian Wojcik

• Breaking News