Egypt’s parliament has voted for the approval of a 3.3 billion euro from France to pay for the military hardware it is receiving, from fighter jets to warships.
A parliamentary report said that a number of French banks, led by Credit Agricole, will provide a cash loan of 3375.54 million euros for Egypt’s ministry of defence, representing 60 per cent of the value of French military equipment that will be delivered to Egypt, according to Ahram Online.
“The total value of this equipment is estimated at 5625.9 million euros, with Egypt to pay the remaining 40 per cent,” the report also revealed. The loan will be guaranteed by Egypt’s finance ministry. […]