France signs deals worth 2 bln euros with Egypt: Elysee

PARIS

AFP photo

France signed several deals worth about 2 billion euros ($2.26 billion) with Egypt during a visit by French President Francois Hollande to Cairo, the French president’s office said on April 18, as reported by Reuters. 

The deals included a satellite communications contract agreed upon following discussions between the two presidents and their defense ministries, the Elysee said. 

The military telecommunications satellite is expected to be built by France’s Airbus Space Systems et Thales Alenia Space. 

French energy Engie firm said earlier that it also signed LNG and renewable energy contracts during the visit.
    
Hollande, who visited Cairo as part of a regional tour, attended a business forum with his Egyptian counterpart Abdel Fattah al-Sisi, with both countries hoping to boost trade and investments.

Egypt is seen as a cornerstone of regional security as well as a key trade partner for France, a point Hollande raised at the business forum, as reported by Agence France-Presse. 

“Trade, growth and investment are of course at stake, but also security and stability and development, not only in Egypt but throughout the region,” he said, as quoted by AFP. 

“France is the sixth largest foreign investor in Egypt,” he added, addressing French and Egyptian business leaders and officials.