( 3 minutes read)
· France’s Minister of Finance Bruno Le Maire announced recently €1.8bn in finance to Egyptian projects
· He said that the financing would cover projects in several sectors, including public transport, renewable energy, and water management
· The French minister also revealed that an additional €2bn of state-guaranteed loans will be negotiated in the next six months. This will be used to establish the Cairo Metro’s Line 6
France’s Minister of Finance Bruno Le Maire announced recently €1.8bn in finance to Egyptian projects. He said that the financing would cover projects in several sectors, including public transport, renewable energy, and water management.
Egypt has signed a number of deals with France for financing projects. Egypt’s Prime Minister Mostafa Madbouly witnessed the signing of several cooperation deals at a function held in Cairo. The projects include a loan of about €800m from the French Treasury, for the development of the Cairo Metro’s Line 1. The French Development Agency (AFD), will give an additional €1bn towards nine other projects over the next five years.
The French minister also revealed that an additional €2bn of state-guaranteed loans will be negotiated in the next six months. This will be used to establish the Cairo Metro’s Line 6.
Economic partnerships between France and Egypt have gone up since 2014, following President Abdel Fattah Al-Sisi came to power. In May, France announced a €4bn deal to deliver 30 Rafale fighter jets.
