A defense loan agreement between the Egyptian Ministry of Defense and a number of French banks has been approved by Egypt’s newly elected parliament, state-owned Ahram Online reports. Led by Crédit Agricole for Companies and Investment, the French banks are to provide loans worth billions of euros to Egypt with the aim of propping up the country’s armed forces, a parliamentary report cited by Ahram Online stated. “These banks will provide a cash loan of 3375.54 million [3.375 billion] euros, representing 60 percent of the value of French military equipment that will be delivered to Egypt,” read the report. The report also disclosed, “The total value of this equipment is estimated at 5625.9 million [5.625 billion] euros, with Egypt to pay the remaining 40 per cent.” Explaining that the loan is necessary in strengthening the capabilities of the Egyptian military, spokespersons from a number of political parties represented in Egypt’s parliament said that their MPs voted in favor of the loan agreement. MP and former intelligence officer Sameh Seif Al-Yazal said that “as far as I know this equipment aims to beef up the army’s powers against terrorist groups in…
