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Exhibit 4.18

Date: July 30, 2003

Additional Amending Letter to the
Supplement to the General Terms for Opening a Credit Account in Foreign Currencyand
Israeli Currency dated February 11, 2002, and the Amending Appendix, dated March 12,
2003, to the Supplement to the aforesaid Terms
of Management

Further to the General Terms for
Opening a Credit Account in Foreign Currency and Israel Currency dated June 13, 2000, and
further to the Supplement to the General Terms for Opening a Credit Account in Foreign
Currency and Israeli Currency dated February 11, 2002, and the Amending Letter dated March
24, 2002 (hereafter: the Supplement to the Terms of Management) and further to
the Amending Appendix to the Supplement to the General Terms for Opening a Credit
Account in Foreign Currency and Israeli Currency dated February 11, 2002 which was
signed by us on March 12, 2003 (hereafter: the Amending Appendix), we declare
that in the Supplement to the Terms of Management and in the Amending Appendix the
following changes shall apply: The terms in this document shall have
the same meaning as they have in the Supplement to the Terms of Management and in the
Amending Appendix.

We declare that in the Supplement to
the Terms of Management the following changes shall apply.

|1. | In
paragraph 3.3.2.2 to the Supplement to the Terms of Management the following
               changes shall apply:
|-- | -------------------------------------------------------------------------------------------------------------------

| | The
paragraph beginning with the words: During 2003                they shall pay and
ending with the words 250 thousand US dollars                each shall be
cancelled.
| | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | The
paragraph beginning with the words: During 2004 they shall pay and ending
with the words 500 thousand US dollars each shall be cancelled.
| | -------------------------------------------------------------------------------------------------------------------------------------------------

| | The
paragraph beginning with the words: During 2005 they shall pay and ending
with the words which shall remain after all the aforesaid payments have been made shall
be cancelled.
| | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | Instead
  of the cancelled paragraphs, the following shall be written:
| | ----------------------------------------------------------------------

| | Starting
at the end of the third quarter of 2003, the company shall pay the balance of long-term
credit in accordance with the table attached to this document and marked as Appendix A.
The dates of payment of the capital shall occur on each first of the month after the end
of each quarter.
| | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | For
the removal of doubt, it is clarified that there will be no change to the dates of
interest payments.
| | ---------------------------------------------------------------------------------------------------------

In addition we declare that in the
Amending Appendix the following changes shall apply:

|2. | Paragraph
4 of the Amending Appendix shall be amended as follows:
|-- | -----------------------------------------------------------------

| | In
the line beginning with the words At every time in 2003 instead of 20% it
should say 6% and instead of 20 million US dollars it should say
4.8 million US dollars. In the line beginning with the words At every
time in 2004 instead of 24% it should say 10% and instead
of 22 million US dollars it should say 9.5 million US dollars.
| | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | In
the line beginning with the words At every time in 2005 instead of 27% it
should say 16% and instead of 27 million US dollars it should say
15.5 million US dollars.
| | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|3. | Paragraph
5 of the Amending Appendix shall be amended as follows:
|-- | -----------------------------------------------------------------

| | a. | In
the line beginning with the words: In the second quarter of 2003                    instead
of positive cumulative in a sum of 200 thousand dollars it
                    should read negative cumulative in a sum of 2,000 thousand US
                    dollars.
| | -- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | In
the line beginning with the words: In the third quarter of 2003 instead of
positive cumulative in a sum of 1,300 thousand US dollars it should read
negative cumulative in a sum of 1,600 thousand US dollars.
| | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | In
the line beginning with the words: In the fourth quarter of 2003 instead of
positive cumulative in a sum of 3.4 million US dollars it should read negative
cumulative in a sum of 200 thousand US dollars.
| | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



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| | b. | In
the paragraph beginning with the words: In addition to the aforesaid
                    the company undertakes, the existing table shall be cancelled
and the                     following table shall replace it:
| | -- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|On date   | 31.03.04 | 31.06.04 | 30.09.04 | 31.03.05 | 30.06.05 | 30.09.05 | 31.03.06
|--------- | -------- | -------- | -------- | -------- | -------- | -------- | --------
|The ratio | 1 : 17   | 1 : 17   | 1 : 17   | 1 : 11.5 | 1 : 11   | 1 : 11   | 1 : 10  

| | c. | In
the paragraph beginning with the words: The company also
                    undertakes the existing table shall be cancelled and the
following                     table shall replace it:
| | -- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|Year      | 2004    | 2005   
|--------- | ------- | -------
|The ratio | 1 : 6.5 | 1 : 4.5

|4. | In
the other Terms of Management and the Supplement to the Terms of Management
               and the Amending Appendix there shall be no change, except what is stated
in the                letter of the bank, dated July 30, 2003, with regard to the
interest and                commission rates for issuing this letter.
|-- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|5. | In
addition to the aforesaid, the company agrees and undertakes as follows:
|-- | ---------------------------------------------------------------------------

| | Until
no later than August 30, 2003, the bank shall receive an option to buy 350,000 shares of
NUR Macroprinters Ltd. with a nominal value of NIS 1 each (hereafter: the shares).
The exercise price as defined in the option document dated February 12, 2002 (exercise
price) for the shares shall be equal to US $ 0.62 per share. The company
shall sign, until no later than September 30, 2003, a Warrant Agreement and the other
documents that will be required with regard to the aforesaid option.
| | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | For
the removal of doubt, it is hereby clarified:
| | -------------------------------------------------

| | a. | The
aforementioned option is in addition to the existing options from
                    February 12, 2002, to purchase 50,000 shares for an exercise price of
                    US $ 5 per share, and also in addition to the
options that will                     be received in accordance with the Amending
Appendix dated March 12, 2003, for                     the purchase of 100,000 shares at
an exercise price of US $ 0.34 per                     share.
| | -- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | b. | With
regard to what is stated in the options document dated February 12, 2002,
                    with regard to the cancellation of the option should the company pay $ 5
                    million in excess of the repayment schedule (hereafter: the
mechanism for                     canceling the option), we would like to clarify
as follows:
| | -- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 1. | The
repayment schedule to which the mechanism refers for canceling the option is
          the repayment schedule which existed on the date of signing the options
document           on February 12, 2002, and all the changes that have occurred thereto
          subsequently are irrelevant for the purpose of what is stated in the mechanism
          for canceling the option.
| | -- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 2. | What
is stated in the mechanism for canceling the option shall not apply with           regard
to granting the new option mentioned in the first part of clause 5 above           (the
option for the purchase of 350,000 shares).
| | -- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | Sincerely,
NUR Macroprinters Ltd. | 
| | ----------------------------------------------- | 

|We agree to the aforesaid:
Bank Leumi le Israel Ltd. |  | 
|------------------------------------------------------------------ |  | 



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# Appendix A

To the Amending Letter to the
Supplement to the General Terms for Opening a Credit Account in Foreign Currency and
Israeli Currency dated February 11, 2002, and to the Amending Appendix dated March 12,
2003, to the aforesaid Supplement to the Terms of Management

# Updated Table of
Repayments of Capital  July 2003

|                                                                  | In thousands of dollars                        
|----------------------------------------------------------------- | -----------------------------------------------
|Repayment for quarter                                             | Total repayment of capital for
long-term credit
|Q 1/2003          
                                        250   
|Q 2/2003          
                                        250   
|Q 3/2003          
                                        0     
|Q 4/2003          
                                        0     
|Q 1/2004          
                                        0     
|Q 2/2004          
                                        0     
|Q 3/2004          
                                        350   
|Q 4/2004          
                                        350   
|Q 1/2005          
                                        350   
|Q 2/2005          
                                        350   
|Q 3/2005          
                                        350   
|Q 4/2005          
                                        12,050



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