Egypt approves €344m French aid to revamp infrastructure

Egypt’s cabinet has endorsed a draft presidential decree approving a financial protocol between the North African country and France that was signed in Cairo on 14 December, reports said on Wednesday.

According to a Cabinet statement on Wednesday, the protocol provides a loan of €344 million in French financial aid to Egypt to buy trains for the third Metro line, a project jointly funded by the Egyptian government.

Half the value of the announced loan will come via the French treasury and be repayable over 53 years with a 20-year grace period.

The other part, worth 172 million will be repayable in credit installments to the French Kofax Authority.