Egyptian Investment Minister Ashraf Salman signed on Wednesday a memo of understanding with China State Construction Engineering Corporation, ranked the 3rd largest in the world and the 20th largest general contractor in terms of overseas sales.

Under the memo, the Chinese company will be entitled with developing part of the new administrative capital, to cover 25 feddans, with a financing from Chinese banks.

The company is among the biggest world companies specialized in setting up new cities, the Egyptian minister said after signing the deal.

The visit of President Abdel Fattah El Sisi to China aims at enhancing strategic partnership and providing investment opportunities to Chinese companies in Egypt, the executive director of the overseas markets of the Chinese company.