The Egyptian Air Force is buying $750 million worth of upgrades for 156 of the F-110-GE-100 engines that power their F-16 fighters. This program includes other new components for the aircraft, but the engine is the main item. The refurbished engines result in fewer engine failures (very critical for a single engine fighter like the F-16), less fuel consumption and less maintenance. The upgrades will take place over the next seven years.
The money actually comes from the United States, which gives Egypt $1.3 billion a year in military aid. This is basically a bribe to reward Egypt for making peace with Israel three decades ago (at great diplomatic cost to Egypt, and the cause of much internal unrest). The aid must be used to buy American weapons, which increases the military links between Egypt and the United States.