France has decided to offer Egypt substantial long-term financial loans and credit as part of the French-Egyptian cooperation accord the two countries signed here last week, informed sources indicated here today. Under the agreement, France will grant Egypt a loan of 200 million francs (over $40 million) and additional credit of 300 million (over $60 million) at low interest over a three-year period.
The French decision is a result of consultations here between government officials and Egyptian aide Ismail Sabri Abdallah. Abdallah was charged by his government to stay on here this week to work out the details of the accord signed last week by Egyptian Foreign Minister Ismail Fahmy aimed at increasing French-Egyptian economic cooperation. It was further decided that a French mission will negotiate in Egypt in Oct. on French investments in that country and on French participation in Egypt’s economic development.
As part of this participation, France is expected to provide Egypt with technical assistance for the modernization of the over-loaded telephone network in Cairo and help develop telephone communications between Cairo, Alexandria and the Suez region. Other projects under consideration include French participation in the construction of a subway in Cairo, a truck manufacturing plant and a pharmaceutics industry compound.
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