France secures 1 billion euro navy deal in Egypt

France has secured its first major military contract in Egypt in about 20 years with a 1 billion euros (0.79 billion pounds) deal to sell four naval frigates, a French diplomatic source said on Saturday.

Paris and Cairo have enjoyed close economic ties in the past but turmoil in the north African state since former president Hosni Mubarak was ousted has left Western governments wary of signing contracts, especially in the defence sector.