Regeneration programme to incorporate 5000 new houses in £2 billion North London project
To overcome the shortage of living accommodation within London, three major contracting groups have been shortlisted in a £2 billion project bid to develop 5,000 new homes and a new town centre within Wood Green and the Tottenham area, situated in the London Borough of Haringey in a 20-year project.
Affinity Sutton with Morgan Sindall and Circle, Lendlease, and Pinnacle with Catalyst and Starwood Capital have all been selected in the bid to work alongside Haringey Council to ensure the regeneration project will benefit all citizens across the borough and create new jobs through the ongoing development.
The successful contracting group will also work alongside Haringey Development Vehicle through the development of the borough. The winner for the bid is to be finalised by the start of 2017.
The Leader of Haringey Council, Councillor Claire Kober said: “Today we are a step closer to appointing a partner to deliver one of the biggest regeneration programmes in the UK. This £2billion programme underlines our ambition for Haringey and will transform our borough and the role it plays in London, with thousands of new jobs and homes for current and future residents.”
Read the July 2016 issue of Construction Global magazine
France to invest €1.8bn in Egypt’s infrastructure
France will invest a total of €1.8bn into Egypt’s infrastructure focusing specifically on upgrading the Cairo Metro, building a railway to Sudan, and developing water and energy schemes. Officials have called the investment a “major boost to bilateral cooperation”.
The Cairo Metro
Included in the financing is a concessional government loan of around €800mn to upgrade Line 1 of the Cairo Metro, introduced in the 1980s. The financing will pay for 55 trainsets for the line and is provided by the French engineering company, Alstom.
Line 6 is also due to be upgraded using further state-guaranteed loans worth up to €2bn. Bruno Le Maire said that this would be negotiated over the next six months. France and Egypt have worked in close cooperation ever since Abdel Fattah al-Sisi became president in 2014, despite differences over human rights and strong criticism of Egypt by rights activists and some foreign states.
Nine more projects over the next half a decade
A further €1bn from France’s development agency, Agence Française de Développement (AFD), aims to cover a range of other projects over the next half a decade.
These projects include a railway line between Aswan, southern Egypt, and Wadi Halfa in Sudan, as well as several projects in the renewable energy and water purification industries. Bruno Le Maire, France’s Finance Minister, said Egypt was a “strategic partner and commercial dealings with it would be developed. France will substantially increase its direct exposure to Egypt, becoming the first counter-party for government to government loans,” he said.
According to Le Maire, the AFD will also €150mn to support the construction of a universal health insurance programme. French contractors such as Vinci and Bouygues have a long history of working on the Egyptian capital’s underground system.
Talking about the relationship between France And Egypt, Le Maire concluded: “France will substantially increase its direct exposure to Egypt, becoming the first counter-party for government to government loans”.