NO. 4


Financial and Banking News

Gulf Crisis

GCC States Put Together Major Aid Package for Egypt

The GCC states have written off $7bn in Egyptian debt as part of a financialassistance program for the country which also includes substantial new loans andgrants. The announcement of the debt forgiveness came while President Mubarakwas touring the Gulf and was confirmed by Egypt's state-owned Middle East NewsAgency (MENA) on 25 October. It was not immediately clear whether...