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Wednesday, November 05, 2014

Egypt military spending set to reach $8.5b by 2019 – Report

F-16 Flying FalconEgypt’s defense spending will increase at an annual rate of 9.51 percent over the next five years to be valued at $8.5 billion in 2019, Business Monitor International said.

In a new market research report seen by APA on Tuesday, Business Monitor International said during 2014 Egyptian military expenditure reached a value of $5.2 billion.

“The country’s increasing military expenditure is reflected in the ongoing modernization drive to counter threats of terrorism in the Sinai Peninsula, a strained relationship with Ethiopia, political turmoil following the recent democratic revolution and maritime security concerns over the Suez Canal,” the report said.

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