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Publish Date : 22-Jul-2014

France has announced the winning of $1.35 billion contract to sell four naval frigates in Egypt. France has won its first major military contract in Egypt in about 20 years.

A meeting was held between French foreign minister Laurent Fabius and Egyptian President Abdel Fatah El Sisi, in Cairo. After meeting, Fabius commented “We have good bilateral relations. We discussed economic aspects and contracts, including in the defence sector.”

The DCNS Company grabbed the contract to deliver four corvette frigates to the Egyptian navy. French state has a majority stake in the company. The French diplomatic source stated “The contract is worth about 1bn euros and was finalised last month. It’s the first big deal since we sold Mirage fighters (warplanes) about 20 years ago.”

Egypt is worried about the threat of Islamist militants launching attacks within the country and the worsening security situation in neighbouring Libya. Once a top recipient of US military support, Egypt lost most of its $1.3bn-a-year package after the 2011 popular uprising that toppled Mubarak.

But, the US government relaxed its position this year. According to US, it would deliver $650 million in military financing.

Moreover, Fabius and Sisi also discussed about the threat of Islamist militancy in Egypt. Fabius added “What we spoke about the most is the general terrorist threat. The Egyptians are convinced of the links of all these groups between each other and the risks they present.”

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