Egypt received the second French-made Gowind corvette which can be used by the navy in anti-submarine warfare, local media reported.
The navy received the first corvette in 2015, calling it "Tahya Misr" (Long lives Egypt).
According to Egypt's state newspaper, Al-Ahram, Navy Commander General Ahmed Khaled led a military delegation participating in the Egyptian flag-hoisting ceremony aboard the corvette, which has been named "Al-Fateh" (The Conqueror).
The delivery of this corvette comes as part of an agreement made between Egypt and France in 2014 which stipulates supplying the Egyptian Navy with four Gowind corvettes. Two of these corvettes will be manufactured in Egypt in order to transfer the French technology and manufacturing methods to the Egyptian naval arsenal.
The deal is estimated to be worth $1.2 billion and cover the cost of four ships and the equipment and the training of the Egyptian crews. Egypt also purchased 24 Rafale aircrafts worth about $7.2 billion.
Egypt is working on updating its military aircraft and naval arsenals.
Last year, it received two Mistral-class military helicopter carriers, one of the world's most advanced ships known for its superior assault and amphibious capabilities, worth about $1.1 billion.