Egyptian Ministry of Defence $5.9 billion military procurement

Overview:

• The Arab Republic of Egypt received a credit facility from Credit Agricole Corporate and Investment Bank, Banco Santander, Credit Industriel et Commercial (CIC), Deutsche Bank, and Societe Generale.
• These funds allowed the country to buy 24 Dassault’s Rafale fighter jets, missiles, and a FREMM multi-mission naval frigate. from France, who had been trying to offload the assets for some time. 
• The purchase price for these assets was $5.9 billion. 
• COFACE, France's export credit agency, guaranteed this transaction.

Rani Mehta - Journalist