A model of a planned new capital for Egypt is displayed for investors during the final day of Egypt Economic Development Conference (EEDC) in Sharm el-Sheikh, in the South Sinai governorate, south of Cairo, March 15, 2015 (Photo: Reuters)
The market value of Egypt’s New Administrative Capital is worth around a trillion Egyptian pounds, Prime Minister Mostafa Madbouly told the parliament on Tuesday.
Madbouly stressed the importance of building new cities across Egyptian governorates due to the increase in population.
"The government is working on transforming neglected lands into new areas and cities with great value, which is what happened exactly with the New Administrative Capital. It started on 170,000 acres and was not included in the state's budget; however, its market value now is around a trillion Egyptian pounds," he told MPs.
The prime minister was addressing a plenary session of parliament alongside eight ministers, having been asked to give a statement on the country’s condition.
Madbouly called on all MPs to look at the transcripts from parliamentary sessions in the early 1980s, when MPs questioned the then-housing minister on the construction of new cities, which reached 22 cities in several regions in Egypt and include 10 Ramadan, Al-Obour and Al-Shorouk.
About 9 million citizens live in these cities now, the prime minister said, and some are home to Egyptian industry.
"That is why the government is establishing new cities across the country," the prime minister said.
The new capital project was announced in 2015 and construction began soon after.
The government is planning to relocate ministries and other state buildings to the new city next year.