Egypt Approves 3.3 Billion Euro Military Loan from France (excerpt)
(Source: DefenceWeb; posted March 8, 2016)
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.

Egypt has been on a massive arms spending spree lately, ordering vast amounts of military equipment from France and Russia, from frigates to fighter jets. One of the latest deals will apparently make Egypt the first export customer for Russia’s 9A1472 Vikhr-1/AT-16 Scallion anti-tank guided missile, with plans to buy 1 000 missiles.

This is according to the Stockholm International Peace Research Institute’s (SIPRI) arms transfer database, which says Egypt has selected the Vikhr-1 and 9M120 Ataka (AT-9 Spiral-2) to equip the 46 Kamov Ka-52 attack helicopters it has on order. (end of excerpt)

Click here for the full story, on the DefenceWeb website.


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