The Egyptian Navy is said to be close to purchasing a pair of European Multi-Purpose Frigate (FREMM) warships from Italian shipbuilder Fincantieri.
On February 4, 2020, French newspaper La Tribune reported that Egypt is “very close” to signing a deal with Fincantieri for the procurement of the two FREMM frigates. According to the report, these frigates may be drawn from the Italian Navy’s procurement program – the vessels and Emilio Bianchi, launched in January 2019 and January 2020, respectively – enabling Fincantieri to sell the vessels for an estimated cost of €1.2 billion.
To support the purchase, Italian investment bank Cassa Depositi e Prestiti (CDP) will issue an export financing loan worth up to €500 million.
The Italian navy should receive two more FREMM of the ASW variant instead of the two ships sold to Egypt.