China Fortune Land Development Co (CFLD) will invest $20 billion in the second stage of its project to build a new administrative capital in Egypt, a statement published on Oct. 3 by the Egyptian government reveals.

Under the agreement signed by Cairo and the Chinese firm, the stage includes construction of housing and offices over 5,700 hectares.

The project for the new administrative capital which cost about $45 billion was announced in March 2015 by the Egyptian government. It provided no details regarding funding for the project at the time.

International and local media however revealed that memoranda of understanding have been signed between the Egyptian government and Chinese companies, on the sidelines of a visit from China’s president Xi Jinping to Cairo last January, concerning the project.

Located 48 km east of Cairo, the new city will be about as large as Singapore. It should include 20 residential areas hosting 7 million people, skyscrapers, a bigger international airport than London’s Heathrow airport, a tower taller than the Eiffel tower, a public park similar to Central park in New York as well as an attraction park “four times bigger than Disneyland”.

The new capital will help unclog Cairo whose population should, according to experts, exceed 40 million people by 2050, from 18 million people at present.