French President Francois Hollande and his Egyptian counterpart Abdel Fattah Al-Sisi have agreed on the purchase by Egypt of the two French Mistral helicopter carriers whose planned sale to Russia was cancelled.

"They agreed on the principle and the terms of the acquisition by Egypt of the two Mistral warships," Hollande's office said in a statement on Wednesday.

The warships are expected to cost Egypt €950 million.

France, whose navy already operates three of the Mistral helicopter carriers, has no use for the ships, whose sale to Russia was scrapped due to the Ukraine crisis.  - Reuters