Egypt’s sovereign wealth fund is finalizing a master plan to revitalize Cairo’s historic center, modeled on Paris in the 1860s, as government ministries have largely moved to a new capital. The plan aims to revamp the central area filled with elegant but deteriorating buildings, many of which were nationalized in the 1950s and 1960s. The Sovereign Fund, which has control over key properties, will bring in private companies to own and finance much of the properties, collaborating with the European Bank for Reconstruction and Development and international advisers. The blueprint includes traffic plans, area surveys, and repurposing various buildings, with work expected to begin in the first half of the year.
Context:
- Egypt’s sovereign wealth fund is working on a master plan to revitalize Cairo’s historic center, which has elegant but crumbling buildings.
- The government has largely moved its ministries to a new capital, freeing up central properties for redevelopment.
- The plan involves traffic plans, area surveys, and repurposing buildings, with private companies expected to play a significant role in financing and ownership.
- The European Bank for Reconstruction and Development and international advisers are assisting in drawing up the plan.
- The initiative aims to preserve architectural styles, discourage certain activities, and encourage tourism.
- The fund expects to take over vacated government buildings and repurpose them for various uses, including offices, apartments, leisure, and hospitality.
Significance:
- The revitalization plan is part of efforts to transform Cairo’s central area, aligning with the move of government ministries to a new capital.
- Private sector involvement is expected to play a crucial role in the financing and ownership of the redevelopment projects.
- The plan focuses on preserving architectural heritage, creating pedestrian zones, and encouraging tourism in the historic center.
- The initiative is expected to attract attention as Egypt aims to enhance the cultural and economic vibrancy of Cairo’s central district.
