Egypt and Other Arab States Embrace a Chinese Model of Development

A model of a new Egyptian capital on display at an investment conference in the resort town of Sharm el-Sheikh, March 14, 2015 (AP photo by Hassan Ammar).
A model of a new Egyptian capital on display at an investment conference in the resort town of Sharm el-Sheikh, March 14, 2015 (AP photo by Hassan Ammar).
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On Feb. 7, officials in Egypt’s Ministry of Housing abruptly announced that a Chinese company had backed out of a $3 billion agreement to construct the first phase of a new Egyptian capital in the desert 30 miles east of Cairo. The China State Construction Engineering Corporation (CSCEC), a government-backed general contractor that has taken on megaprojects around the world, had secured a loan to cover the costs of building the wildly ambitious new capital, which has been criticized as a boondoggle. But it was unable to agree with the Egyptian government on an exact price per square meter to […]

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