France has approved Egypt’s purchase of 30 Dassault Rafale fighter jets for a deal reportedly estimated at $4.5 billion.
Egypt’s defense ministry confirmed the deal on Twitter, adding that the final details will be completed today Tuesday as an Egyptian delegation is expected in Paris, reports say.
Egypt also said the deal will be financed through a loan to be repaid over at least 10 years but French investigative media, notes that around 85% of loans linked to the deal will be guaranteed by the French state as well as banks BNP Paribas, Credit Agricole, Societe Generale and CIC.
The deal also encompasses contracts for missile manufacturer MBDA and equipment provider Safran Electronics & Defense which are worth another $241m, Al Jazeera reports.
France is one of Egypt’s global key partners in the defense industry. The European country was Egypt’s main weapons supplier between 2013 and 2017, including the sale of 24 warplanes with an option for 12 more, the Doha-based news network notes.
Egypt signs up for 30 French Rafale fighter jets
