Egypt signs $2bln of financing deals with France

Projects in the transportation, infrastructure, electricity and wholesale sectors

  
Image used for illustrative purpose. View Of Cityscape With River In Foreground.

Image used for illustrative purpose. View Of Cityscape With River In Foreground.

Getty Images/Saif Alsadoon

CAIRO- Egypt has signed 1.7 billion euros ($2.06 billion) worth of deals with France to finance projects in the transportation, infrastructure, electricity and wholesale sectors, the cabinet said on Sunday.

Of that financing, 776 million euros will come from the French government and 990 million euros from AFD, France's development agency, the cabinet said.

The signings came during a visit by French finance minister Bruno Le Maire to Cairo.

In May, France announced a 4 billion euro deal to deliver 30 Dassault warplanes to Egypt beginning in 2024, strengthening ties with what it considers a vital partner in fighting Islamist militants. 

Projects announced on Sunday by the cabinet include sanitation stations as well as a number of railway projects, including the provision of 55 new cars for the Cairo metro's oldest line and the construction of a railway line between Aswan in southern Egypt and Wadi Halfa in neighbouring Sudan.

AFD will provide 150 million euros in support of Egypt's universal health insurance programme, the cabinet said. ($1 = 0.8260 euros)

(Reporting by Momen Saeed Atallah Writing by Nafisa Eltahir Editing by David Goodman and Elaine Hardcastle) ((Nafisa.Eltahir@thomsonreuters.com;))


More From North Africa