Egypt’s PM heads to France for a two-day Visit

Egyptian Prime Minister Ibrahim Mahlab flies to Paris on Monday heading high profile mission to discuss enhancing cooperation frameworks between two countries in all fields.

The two-day visit comes as a response to French President Francois Hollande’s invitation to visit France.

During the visit, Mahlab will meet with his counterpart, French Prime Minister Manuel Valls, as well as a number of French ministers.

The Egyptian delegation is set to ink a number of important economic agreements with the French part.

The mission will encompass ministers of trade, investment, transport, and international cooperation.

Investments between the two countries have been strengthened in the past few months.

In February, Egypt announced a 5.2 billion-euro deal to buy 24 French Rafale jet fighters.

Also in February, Egypt signed a contract with the French company VINCI Bouygues Travaux Public to complete the construction of the fourth phase of the third metro line in Cairo.

The French government will provide Egypt with 172 million euros ($214.4 million) in a concessional loan for the construction of the metro line, to be repaid in 53 years, with a 20 year grace period at an annual interest rate of 0.1 percent.

France funded the construction of Egypt’s three existent metro lines, which were built between 1979 and 2012, with loans amounting to approximately €1.2 billion.

French officials from the country’s Development Agency attending Egypt’s economic development conference in Sharm El-Sheikh in March announced that the agency will provide a 40 million Euro sovereign loan to finance a power plant in Kom Ombo in Upper Egypt.