France Backs Up to 3.8 Billion Euros in Financing for Egypt
France announced plans to facilitate as much as 3.8 billion euros ($4.6 billion) in financing for Egypt, some of which will fund expansions to Cairo’s metro system by the European nation’s train maker Alstom SA.
French Finance Minister Bruno Le Maire said the so-called road map for economic development signed Sunday includes an 800 million euro loan for the purchase of 55 Alstom metro trains. That contract is expected to support 400 jobs in France and be finalized in six months, he said.
France is also ready to support as much as 2 billion euros of bank loans for contracts with French companies working on Cairo’s metro, Le Maire said. Officials also committed to investing 150 million euros to help reform the North African nation’s health system and 12 million euros to restore a French university in Egypt.
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