China will grant Egypt $15 billion to build its new administrative capital, Wall Street Journal reports.

The project, which has been estimated to cost $45 billion was announced in March 2015 by the Egyptian government, which at the time, provided no detail regarding financing media.

However, the Wall Street Journal revealed that an agreement was signed in January 2016, between Egyptian authorities and BTP China State Construction Engineering Corp, to finance the project through Chinese loans amounting to $15 billion.

Citing Minister of Housing, Mostafa Madbouly, the American newspaper said some Egyptian firms already started building roads, developing telecommunication networks and cleaning up the site selected to host the new capital.

Situated 48 km east of Cairo, the new city will be as big as Singapore. It should comprise 20 residential areas hosting 7 million people, skyscrapers, an international airport bigger than the Heathrow airport in London, a public park similar to New York’s Central Park and an amusement park “four times bigger thanDisneyland”.

According to a statement released on the Shangai stock exchange by China State Construction Engineering Corp, the first stage of the projects should lead to the construction of a congress centre, Parliament’s seat, exhibition halls and twelve governmental buildings. It is estimated to cost $2.7 billion.

The new capital will help decongest Cairo whose population, according to experts, should exceed 40 million residents in 2050 from 18 million presently.