DELTA BANK BREAK IN NEGOTIATIONS TO RECEIVE LOAN

Info-Prod Research (Middle East), March, 2003

A-Sharq Al-Awsat newspaper reported on the decision of the Management of the Egyptian Delta International Bank to freeze negotiations with four European banks over a $100 million loan. The paper quoted Chairman of the Board of the Bank, Ali Nagim, who said in early February 2003 that the reason for stopping negotiations was the high 7% rate of interest demanded by the European banks, in comparison to the current rate of 1.25% on the Dollar.

The Bank has recently obtained support for credit from the Arab Agency to Fund Trade, from the Islamic Development Bank, and from the American Aid Agency.