France to invest $4.6 B in Egypt’s public and energy sectors

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PARIS/CAIRO, 14 June, 2021 (TON): On Sunday, the French Finance Minister Bruno Le Maire made agreements with Egypt to invest $4.6 Billion in its public transport and renewable energy sectors.

With the billions in financing, Egypt has become "a strategic economic partner of France... It is the top country in terms of loans from the Treasury," said the visiting French minister.

The first tranche will be for transport giant Alstom to supply 55 underground trains for Cairo Metro's Line 1, for a total of $969 million financed by a loan from the Treasury.

Nine other projects are included in the intergovernmental agreement.

They will be financed by the French Development Agency (AFD) to the tune of one billion euros between 2021 and 2025.

The Minister told the media that cooperation has been expanded to cover renewable energy, water purification and public transport as well funding for universities and social safety nets.

 

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