Finance Min.: State doesn't Finance New Administrative Capital

By: Taarek Refaat

CAIRO, Nov. 24 (SEE)- Finance Minister Mohamed Maait said on Saturday that the state budget does not finance the establishment of projects in the New Administrative Capital.

This came during the annual seminar of the Rotary Foundation - Egypt, which was under the slogan "Development through service organizations".

Maait added that the state does not bear any further financial burdens, noting that the new capital is self-financed through the property's economic value.

"This value came from selling land to investors who finance the construction and pay the employees' salaries," he said adding that this policy created more than 3 million jobs, enabling the state to absorb Egyptian workers returning from abroad.

There are 13 other new cities currently under construction beside the capital, which will add additional revenues to the national economy.

"Projects like the New Suez Canal perted more than $ 4 billion to the balance of the current fiscal year," Maait noted.

The recent developments will add new capabilities to the economy, transforming urban cities into large industrial zones such as the tenth of Ramadan, the sixth of October, Sadat and Burg Al-Arab.