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Sunday, July 20, 2014

France secures $1.7b deal in Egypt to sell four naval frigates

Gowind class corvetteFrance has secured its first major military contract in Egypt in about 20 years with a 1 billion euros (S$1.7 billion) deal to sell four naval frigates, a French diplomatic source said on Saturday.

Paris and Cairo have enjoyed close economic ties in the past but turmoil in the north African state since former president Hosni Mubarak was ousted has left Western governments wary of signing contracts, especially in the defence sector.

"We have good bilateral relations," French Foreign Minister Laurent Fabius said in Cairo after meeting Egyptian President Abdel Fatah El Sisi. "We discussed economic aspects and ... contracts, including in the defence sector."

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