NO. 14


Financial and Banking News

Loans & Issues

Write Off of Egypt's US Military Debt Is Completed

President George Bush issued a directive on 28 December, ordering the USTreasury and the Pentagon to write down to zero Egypt's military debt to the US.The move was the final stage in the President's four-month campaign to cancelthe $6.7bn of debt and accumulated arrears as a reward for Egypt's staunchsupport for the US position during the Gulf crisis. In a memorandum to...