France to invest €3.8bn in Egypt

French Finance Minister Bruno Le Maire yesterday signed agreements with Egypt to invest €3.8 billion in the most populous Arab country’s public transport and renewable energy sectors. France will finance Egyptian projects with French companies to the tune of €1.8 billion. The first tranche will be for transport giant Alstom to supply 55 underground trains for Cairo Metro’s Line 1, for a total of €800 million. Nine other projects will be financed to the tune of one billion euros between 2021 and 2025. — AFP