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.‎
Some political parties said the loan would help Egypt’s military combat terrorism in Sinai and secure the nation’s borders.