France, Egypt sign USD1.35b deal

20 Jul 2014

(MENAFN) France could secure its first major military contract in Egypt in about 20 years after signing a USD1.35 billion deal to sell four naval frigates, according to Gulf Daily News.

Paris and Cairo have had close economic relations in the past but turmoil in Egypt since former president Hosni Mubarak was removed has left Western governments wary of signing contracts.

French foreign minister Laurent Fabius said: “We have good bilateral relations. We discussed economic aspects and contracts, including in the defence sector.”

The contract has been granted to DCNS company, which the French state has a majority stake, to provide four corvette frigates to the Egyptian navy.

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