What is behind the billionaire agreements between France and Egypt
France has signed agreements with Egypt worth 3.8 billion euros. The article by Giuseppe Gagliano
After the great refusal – we would say using a provocative expression – by Corrado Augias of the Legion of Honor, France has decided to change its choices in foreign policy (demonstrating the weight that our country exercises at an international level).
Beyond the jokes – the reader will allow us -, the choices made by Macron in relation to Egypt are marked by realpolitik, as evidenced by the agreement signed on June 13 between Egypt and France and, in particular, between the French Minister of Finance with his counterpart Mohamed Maait, a meeting attended by the Egyptian President, Abdel-Fattah al-Sisi, the Minister of Foreign Affairs, Sameh Shoukry and the Minister of International Cooperation, Rania Al- Mashat.
AGREEMENTS FOR 3.8 BILLION
The agreements signed with Egypt worth 3.8 billion euros are aimed at supporting public transport, renewable energy, social security and development.
ALL FUNDS FOR THE CAIRO UNDERGROUND
The first tranche of the financing agreement, worth a total of 800 million euros financed by a loan from the Treasury, will be dedicated to supporting the operating company Alstom in the supply of 55 underground trains for Line 1 of the Cairo metro.
France is also willing to support € 2 billion in bank loans for contracts with French companies working in the Cairo metro, Le Maire said. This is in addition to the € 150 million investment to help reform the Egyptian health system and € 12 million to restore a French university in Egypt.
PROJECTS ON RENEWABLE ENERGIES
In addition, as a top partner in renewable energy investments, the French Development Agency (AFD) has provided € 800 million in loans to Egyptian renewable energy projects since 2007 and nearly € 400 million in climate finance. through credit lines to the banking sector since 2015.
THE RAILWAY IN ASSUAN
The projects included include the construction of a railway line between Aswan, in southern Egypt, and Wadi Halfa, in neighboring Sudan.
"STRATEGIC PARTNER"
It goes without saying that thanks to these loans, Egypt is now "a strategic economic partner of France". "It is the first country in terms of Treasury loans," Le Maire stressed.
This is a machine translation from Italian language of a post published on Start Magazine at the URL https://www.startmag.it/mondo/francia-egitto-accordi-3-8-miliardi/ on Tue, 15 Jun 2021 06:33:05 +0000.