Fitch Ratings has withdrawn its support rating of 4T for Misr Iran Development Bank (MIDB). At the same time, the short-term and long-term national ratings assigned to MIDB by Nile Ratings, Fitch's subsidiary in Egypt, of F3/BBB- are also withdrawn. The rating withdrawal action is due to a lack of disclosure.
Based in Cairo, MIDB was established in 1975 as Egypt’s first specialized bank. MIDB’s main objective is to further economic development in Egypt by encouraging private sector investments and assisting enterprises whose operations are considered constructive to Egypt’s economic development.
MIDB extends financial, management and related forms of assistance to Egyptian development projects in all sectors. It also involves itself in the identification, appraisal financing and implementation of various projects. — (menareport.com)
© 2003 Mena Report (www.menareport.com )