(L to R) France’s Economy and Finance Minister Bruno Le Maire, Egypt’s PM Mostafa Madbouli, and Egyptian Minister of Transportation Kamel el-Wazir at the prime minister’s office in Cairo, Egypt on June 13, 2021. (Khaled Desouki/AFP)

(L to R) Le Maire, Egypt’s PM Mostafa Madbouli, and Egyptian Minister of Transportation Kamel el-Wazir at the prime minister’s office in Cairo, Egypt on June 13, 2021. (Khaled Desouki/AFP)

Egypt signs $2.06 billion of financing deals with France

Cairo

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Reuters

Published: 13 June ,2021: 07:55 PM GST Updated: 13 June ,2021: 08:20 PM GST

Egypt has signed $2.06 billion (1.7 billion euros) 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.

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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 neighboring Sudan.

AFD will provide 150 million euros in support of Egypt’s universal health insurance program, the cabinet said.

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