Studies: What Financial Times got wrong about Egypt’s New Administrative Capital?

SourceEgypt Today
SectorFinancial Markets

CAIRO – 8 June 2021: A number of Egyptian studies were issued to respond to a Financial Times article that “included false information and misconceptions about Egypt’s New Administrative Capital city.” The studies said that the article has ignored the actual status of the economic situation in Egypt, and provided in accurate speculations about it. – For their part, the studies highlighted that the New Administrative City aims to achieve a boom in providing services to citizens, who need the establishment of lots of new cities to accommodate the overpopulation, with the population rate expected to hit 160 million by the year 2050. – The studies also referred to a study by the World Bank in 2014, which indicated that about L.E.

47 billion is wasted annually in Cairo metropolitan areas due to traffic congestion. – Some claimed that the construction of the new administrative capital caused an increase in the public debt to the gross domestic product, more...