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Vol 47 No 20

Published 6th October 2006


Egypt

Cairo's costly hubris

The dispute over Afreximbank could prove expensive diplomatically and commercially for Egypt. This week Afreximbank began considering legal action against at least one of two state-owned Egyptian banks, Banque Misr and Bank of Alexandria, which last year defaulted on US$40 million worth of outstanding debts under instructions from the Central Bank of Egypt (CBE).

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