Based on the list price of the CS300 airliner, a firm-order contract would be valued at approximately $1.1bn.
The agreement includes a firm order for 12 CS300 jets with purchase rights for another 12 aircraft, which would boost the value of the agreement to $2.2 billion if exercised, the company said on Tuesday.
Less than a month after Airbus agreed to rescue Bombardier's struggling C Series jet program, Bombardier has announced a second order for the narrowbody passenger plane.
In Dubai, Ethiopian Airlines' chief executive said he would decide next year whether to buy CSeries or Brazil-based Embraer's E-jet series as a replacement for its Boeing's 737-7.
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Bombardier spokeswoman, Nathalie Siphengphet said there was clearly a strong momentum for the CSeries, and there was growing interest from airlines around the world. The aircraft had been plagued by delays and cost overruns, and recently was hit with 300 percent tariffs in the USA after a trade complaint by Boeing.
The CS300 is the larger version of Bombardier's C Series aircraft. Swiss and Air Baltic Corp., which began flying the CS300 in December, have reported better-than-expected fuel efficiency, which is key to the jet's appeal. Airbus has also been in talks to secure a commitment from the carrier, the people said.
The LOI was signed by Safwat Musallam, Chairman and CEO of EgyptAir Holding Company, and Fred Cromer, President, Bombardier Commercial Aircraft, in the presence of the Minister of Civil Aviation of Egypt, Sherif Fathi.