Strategic partnership, loans endorsed by Egypt, France

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Mon, 28 Jan 2019 - 03:18 GMT

FILE PHOTO: French President Emmanuel Macron meets with Egyptian President Abdel Fattah al-Sisi at the Elysee Palace, in Paris, France, October 24, 2017. REUTERS/Philippe Wojazer/File Photo

FILE PHOTO: French President Emmanuel Macron meets with Egyptian President Abdel Fattah al-Sisi at the Elysee Palace, in Paris, France, October 24, 2017. REUTERS/Philippe Wojazer/File Photo

CAIRO - 28 January 2019: President Abdel Fatah al-Sisi and his French counterpart Emmanuel Macron witnessed Egyptian ministers and French officials sign agreements and memoranda of understanding (MOUs) on Monday in Cairo as part of three-day state visit.

France will provide €336 million soft loan, €286 million grant and €50 million commercial loan to finance the fourth phase of the third metro line linking Cairo International Airport with Heliopolis Square. That is in addition to €5 million soft loan and €1 million grant to fund SMEs founded by women.

The French Agency for Development (FAD) will secure €6 million soft loan to support social security while a €2 million loan will be directed to the technical support program implemented by the Egyptian Finance Ministry.

MOUs cover cooperation in culture and francophonie; experience transfer to the Egyptian National Academy for Youth Training and Rehabilitation; a joint project in Egypt to produce blood products; and, expansion and development of the French University in Egypt (UFE).

Moreover, both countries agreed to go ahead with a strategic partnership that will address socio-economic development as part of Egypt’s 2030 Vision. The MOU worth €1 billion was signed with the AFD and will take effect until 2023.

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