France’s Minister of Finance Bruno Le Maire announced, on Sunday, providing €1.8bn in finance to Egyptian projects.
Le Maire told reporters in Cairo that the financing will cover projects in several sectors, including public transport, renewable energy, and water management.
Egypt’s Prime Minister Mostafa Madbouly witnessed the signing of several cooperation deals between Minister of International Cooperation Rania Al-Mashat, Minister of Transportation Kamel El-Wazir, and Le Maire.
The financing includes a loan of about €800m from the French Treasury, for the development of the Cairo Metro’s Line 1. An additional €1bn will be financed by the French Development Agency (AFD), covering nine other projects over the next five years.
Le Maire also revealed that an additional €2bn of state-guaranteed loans will be negotiated in the next six months, which will be used to establish the Cairo Metro’s Line 6.
“Egypt has become a strategic economic partner of France … It is the top country in terms of loans from the [French] Treasury,” Le Maire said.
France and Egypt have forged close ties since 2014, following President Abdel Fattah Al-Sisi being voted in. In May, France announced a €4bn deal to deliver 30 Rafale fighter jets.