All the details on the commercial agreements in the military sector between Italy and Egypt that affect the Leonardo and Fincantieri groups according to the newspaper Al-Araby Al-Jadeed
According to the online magazine Al-Araby Al-Jadeed, the first of the two Italian multi-role Fremm frigates , which were purchased from Cairo for an amount in excess of 1.1 billion dollars, will arrive in Egypt by the end of this year ( here the in-depth analysis of Start Magazine ). As for the second frigate, it will arrive in the spring of next year, according to the estimates of the Italian company Fincantieri.
THE ITALY-EGYPT AGREEMENTS ON FINCANTIERI AND NOT ONLY
Also according to the online magazine, the case of the Italian Giulio Regeni will not hinder the implementation of the Italian-Egyptian agreement. However, the Italian-Egyptian agreements go far beyond the negotiations relating to the Fremm frigates.
INTERVIEWS ON THE MILITARY SUPPLIES OF FINCANTIERI AND LEONARDO AND THE ROLE OF SACE
In fact, talks are underway between the Egyptian Ministry of Defense and Intelligence on the one hand and the Italian agency for the development of exports Sace (Cdp-Mef group) on the other, to obtain a loan between 500 and 650 million euro, by a group of banks to finance the second phase of the operation which includes the supply of naval weapons that were not indicated in the initial agreement when negotiations began in the spring of 2019, including at least four "Corvettes", equipment of electronic warfare, radar and modern remote sensing devices but also Italian technicians to train Egyptian officers.
DETAILS ON THE ORDERS OF EGYPT FOR FINCANTIERI AND LEONARDO
But the online magazine has made other interesting revelations about the relations in the arms industry between Italy and Egypt. First, the purchase of 24 M-346 training aircraft produced by Leonardo would be envisaged for a total value of between 370 and 400 million euros; secondly, the partnership between Italy and Egypt would provide for the construction of factories and arms workshops in Egypt, with the aim of locally producing weapons, both land and sea, to be sold to other Gulf and African States with the scoop of allowing Egypt to become a regional center for the war industry.
THE NUMBERS IN DANCE IN EGYPT FOR FINCANTIERI AND LEONARDO
Overall, according to the authoritative online periodical Al-Araby Al-Jadeed , the total volume between Italy and Egypt will reach around 11 billion euros, allowing Egypt to become one of the largest international arms importers.
On the other hand, the volume of business between Italy and Egypt in the arms sector has tripled compared to 2018. If in fact the total amount in 2018 was around 69 million euros, in 2019 it reached almost 240 million euros.
Ultimately in this story it is certainly the reason of state that has prevailed as it was after all expected on Start . Pecunia non olet.
This is a machine translation from Italian language of a post published on Start Magazine at the URL https://www.startmag.it/smartcity/fincantieri-e-leonardo-che-cosa-e-stato-deciso-fra-italia-ed-egitto/ on Tue, 01 Dec 2020 05:44:17 +0000.