NO. 36


Financial and Banking News

Bank Results

Foreign Swiss Write Off Portion Of Egyptian Debt

Debt Switzerland announced on 25 May that it had reached an agreement withEgypt to write off SF150mn ($128mn) of the latter's debts in return for acommitment from Cairo to use the money for projects that will create jobs. TheSwiss Undersecretary for Economic Affairs, Mr. Nicolas Imboden, said Egypt hadagreed to establish a fund worth SF90mn ($77mn) that would focus on the...