Egypt and China Railway Group Limited (CREC) have signed Wednesday a memorandum of understanding to implement two projects in the Egyptian new administrative capital city. CREC, one of the world’s largest construction engineering contractors, will carry out six governmental buildings and the Olympic park in Egypt's new capital city. Egyptian Housing Minister Moustafa Madbouli has signed a memorandum of understanding with CREC's regional director for the Middle East region. The company will execute the buildings on an area of 214,000 square metres, while the Olympic park will be placed on an area of 2,000 feddans. The Chinese company is responsible for creating the initial designs for the projects within three months after signing the MOU. The Chinese conglomerate will present its designs within 30 days of signing the MOU that stipulates that the Egyptian government contribute to 15 percent of the works. The Olympic park will be built on 2000 feddans, and the total area for the six buildings is planned to reach 214,000 square metres. (Amwal Al Ghad, ahramonline)