Al Mal Newspaper
Seeking to double the number of its clients in 2010
Egypt Factors Organizes the First Conference for Factors Chain International in Egypt
Under the sponsorship of the Ministry of Trade and Industry and Factors Chain International and with the participation of the Chambers of Commerce, the Federation of Industries, Egypt Factors and Export Credit Guarantee Company Egypt Factors is taking the necessary steps to organize the first conference of Factors Chain International in Cairo on the 13th of January 2009. The conference aims at explaining the concept and benefits of factoring as an important vehicle for providing finance to businesses.
Members of the Executive Committee of the Factors Chain International will meet for the first time in the Middle East. The opening remarks of the first session of the conference will be given by Mr. Jeroen Kohnstamm the Secretary General of Factors Chain International. In his remarks, Mr. Kohnstamm will highlight the benefits of export factoring that were offered to exporters at the time of crisis and how it protected companies from its negative impacts. Mr. Kohnstamm’s speech will then be followed by the remarks of Mr. Katay Baider and Mr, Gian Exsio member of theFCI Supreme Executive Committee. Their remarks will address factoring activity in the local market and its benefits to the Egyptian companies. This will then be followed by the speech of Mr. Ahmed Shaheen the General Manager of Egypt factors and the representatives of the Export Credit Guarantee Company of Egypt. The first session will be adjourned by the remark of Eng. Rasheed Mohamed Rasheed the Minister of Trade and Industry.
The second session of the conference will highlight the factoring mechanisms available at the local market. The first speaker MR. Peter Minroie, the Chairman of the Executive Committee of FCI will give a detailed description of the procedures of factoring operations then it will be followed by the speech of Eng. Ali Moussa the President of the Cairo Chambers of Commerce. In his speech, Eng. Mousss will shed light on the importance of factoring in improving the production capacities and potentials of companies. Then the closing remarks will be delivered by Mr. Galal Al Zorba the President of the Federation of Industries.
Mr. Ahmed Shaheen the General Manager of Egypt Factors declared to Al Mal that the FCI conference which will be held in the middle of the coming month aims at educating corporations in general and small and medium enterprises in particular about the different benefits of factoring. In addition to the fact that FCI aims at increasing the number of its members who have currently reached 240 companies spread in more than 70 countries around the globe. Mr. Shaheen indicated that factoring industry has recently witnessed great development specially purchases and export factoring as the company’s portfolio has achieved a growth rate of 80% in the third quarter compared to the second quarter of the same year due to the increase of local factoring and purchase factoring. He added that the last quarter of the current fiscal year has witnessed a tangible activity in local factoring and export factoring which is expected to achieve high growth rates.
Mr., Shaheen unveiled the company’s plan which aims at addressing business community especially small and medium enterprises which is the main sector targeted by factoring. Different factoring activities shall be introduced to the business community in order to expand the company’s data base and increase its activity with a larger number of commercial, industrial and service companies.He added that during the coming year Egypt Fctors company will focus on purchase factoring, export factoring and local factoring without recourse to the seller in order to maintain the current high growth rate and to double the number of factoring clients