Our Bureau
01:34 PM, February 14, 2014
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Russian President Vladimir Putin with Egyptian defense minister Field Marshal Abdel Fattah el-Sisi during talks in Moscow.

Egypt and Russia have reached an initial agreement on how to implement a new arms delivery deal worth over $3 billion.

According to Vedomosti newspaper, at the meeting the two sides initialed or signed contracts for the delivery of MiG-29M/M2 Fulcrum fighter jets, air defense missile complexes, Mi-35 helicopters, coastal anti-ship complexes, light weapons and ammunition. However, various reports indicated the value of the deal could be several billion dollars.

The arms deal was originally proposed during a November visit by Russian Foreign Minister Sergei Lavrov and Defense Minister Sergei Shoigu to Cairo. Egyptian defense minister Field Marshal Abdel Fattah el-Sisi negotiated the agreement, aimed at replacing decreased assistance from Washington, during talks in Moscow on Thursday between Russian and Egyptian foreign and defense ministers, the report added.

Meanwhile, Russian President Vladimir Putin said that his country was ready to strengthen cooperation with Egypt following presidential and parliamentary elections.

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