Transport, health projects to get EUR 715 mn in AFD funding
The French Development Agency (AFD) is providing EUR 715.6 mn in financing to support an array of development projects, cabinet said in a statement yesterday. The agency signed seven agreements with International Cooperation Minister Rania Al Mashat in Paris yesterday in a meeting coinciding with President Abdel Fattah El Sisi’s trip to the French capital for talks with President Emmanuel Macron.
The funds come as part of a larger EUR 1 bn strategic partnership agreement between the two countries first signed in 2019.
Transport projects top the list: The Abu Qir railway project will receive EUR 250 mn, EUR 150 mn will be earmarked for developing an energy policy evaluation system that will assist in regulating the transition towards a more sustainable transit infrastructure, and the Tanta-Mansoura-Damietta railway modernization project will be allocated EUR 95 mn. Health, education and wastewater projects will also get runding. Full details in the release if you need the details.
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El Sisi yesterday sat down with Naval Group’s Chairman and CEO Pierre Éric Pommellet, Ittihadiya said. The president also met with Éric Trappier, the CEO of aerospace company Dassault Aviation, which manufactures business and fighter jets. Egypt had ordered four corvettes a few years back from Naval as part of a USD 1 bn contract, which also included a tech transfer agreement to manufacture three corvettes in Egypt.
More: El Sisi discussed economic cooperation with France’s Economy and Finance Minister Bruno Le Maire and Organisation for Economic Co-operation and Development (OECD) Secretary-General José Ángel Gurría.