France loaned Egypt 3.2 billion euros to finance purchase of French arms

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SISI egyptian presidentThe 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.

Reuters

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One response to “France loaned Egypt 3.2 billion euros to finance purchase of French arms”

  1. 5thDrawer Avatar
    5thDrawer

    Inventive French ‘Job Creation’ programme.
    (one assumes they hire Muslims too ….)

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