Egypt is in advanced talks with France to buy Dassault Aviation-built Rafale fighter jets from France for around $6.88 billion, Reuters news agency said today citing a French newspaper’s report. The news agency quotes business daily, Les Echos, as saying that the two countries are close to finalising a deal for 24 jets and a naval frigate worth 5 to 6 billion euros.

Egypt has been battling islamist terrorists in its sinai region since the double revolution that saw the removals of long-time ruler Hosni Mubarak and 1st democratically elected president Mohamed Morsi. While the country has returned to relative stability, the government of new President Abdel Fattah al-Sisi is is now facing increasing threats from the Jihadist groups.

The Rafale, a multi-role jet, is described as one of the most effective and sophisticated fighter jets in the world, but also one of the most expensive. Reuters says the deal could be financed by as much as 50 percent through a credit facility arranged by French credit insurer Coface.

The news agency also adds that Dassault, the maker of the Raffale, is under increasing pressure to sell its jets overseas. This is as the French government said last year that it would slow the pace at which it takes delivery of Rafale jets, taking just 26 over the next five years instead of 11 a year.