€3.2bln of Egypt-French Arms Deal Financed by Loan from Paris: Sisi

The French government loaned Egypt 3.2 billion euros to finance the recent multibillion-euro purchase of French military equipment, Egypt’s president Abdel Fattah al-Sisi said in an interview on al-Arabiya TV on Saturday.

Egypt signed an agreement this month to buy 5.2 billion euros worth of French weapons, including 24 Rafale combat jets made by Dassault Aviation, a multi-mission naval frigate, and air-to-air missiles.

“The last equipment we got from France was with a French loan worth 3.2 billion euros and this loan was extended from the French government,” President Abdel Fatatah al-Sisi said in the interview.

France said at the time the deal was agreed to that more than half the purchase price would be financed by French banks with a state-backed Coface guarantee.

Source: Reuters