• Egypt paid about $1.06 Billion for two Mistral warships
  • Egyptian troops to train on Mistrals before delivery

France will deliver the two Mistral warships it sold to Egypt for about 950 million euros ($1.06 billion) in March 2016, Defense Minister Jean-Yves Le Drian’s office said Wednesday.

Talks between France and Egypt over purchase began in early August, according to a spokesman who asked not to be named, in accordance with ministry ground rules. The ships were sold to Egypt after France and Russia canceled a 2011 contract.

The government said in August the total cost of scrapping the sale of the warships to Russia was less than 1 billion euros. French President Francois Hollande said Wednesday that France won’t lose money on the resale.

France also sold 24 Rafale jet fighters made by Dassault Aviation SA to Egypt this year, as well as a frigate.

Before it's here, it's on the Bloomberg Terminal. LEARN MORE