Egypt, France ink €5.92bn worth arms deals

Egyptian Minister of Defense Gen. Sidqy Sobhy and his French peer Jean-Yves Le Drian signed here on Monday arms deal worth EUR 5.2 billion (nearly USD 5.92 billion).
Under the deals France will provide Egypt with 24 Rafale fighter planes, a multi-purpose Fremm frigate, and short- and medium- range missiles of MBDA type.
The signing ceremony was attended by Egyptian President Abdelfatah Al-Sisi, the state-run MENA reported.
The Rafales and the Fremm will take part in a parade marking the inauguration of the new Suez Canal, due in August, according to the report. Welcoming the documents, Le Drian said, in press remarks, that his country seeks to strengthen security cooperation with Egypt, a key military, economic and industrial partner of France. He noted that the two countries joined forces against terrorism which poses serious threat to the countries of North Africa and Sahel regions and could lead to total collapse of Libya.
On his part, Gen Sobhy said his country and France maintained close ties over the last centuries and the new agreements will give a strong boost to their strategic partnership.
"By virtue of today's agreements, Egypt will be the first importer of the Rafales and the Fremm which are the pride of the French defense industy," he pointed out.
He added that Egypt plays a crucial role in the security and stability of the Mediterranean basin.