Syndication Loan

COMMERCIAL INTERNATIONAL BANK (EGYPT)S.A.E.
12 August 1999


COMMERCIAL INTERNATIONAL BANK (EGYPT) S.A.E.
     US$ 200MILLION TERM LOAN FACILITY

We are pleased to inform you that the syndication of the above facility has
successfully closed oversubscribed.  As a result, the Borrower has elected to
accept an increase in the final facility amount to US$200,000,000.  Signing took
place in London on August 12, 1999.

The facility, arranged by The Bank of New York, The Bank of Tokyo-Mitsubishi,
Ltd. and Westdeutsche Landesbank Girozentrale, was originally launched at
US150,000,000.  A full list of participating banks is provided below:

Arrangers:                    The Bank of New York                    
                              The Bank of Tokyo-Mitsubishi, Ltd.
                              Westdeutsche Landesbank Girozentrale


CIB is the largest private bank in Egypt and is rated BBB-by Standard & Poor's.
At 31 March 1999, CIB had total assets of E£14.1 billion.