Al Alaam Al Youm Newspaper
The First Conference for the Factoring Industry in Egypt To Be Held In January/2010
Egypt Factors organizes the first conference for Factoring Chain International on the 13th of January under the sponsorship of Mr. Rasheed Mohamed Rasheed, the Minister of Trade and Industry and FCI; the largest factoring companies association in the world.
Mr. Ahmed Shaheen, the General Manager of Egypt Factors indicated that this event will spread the concept of factoring and its various benefits as an important vehicle for providing finance to small and medium enterprises.
Mr. Shaheen stated that factoring has become an important vehicle for industry and it plays a more effective role in financing if compared to any other financing instrument. The global financial crisis, the recent changes and the dense economic situation have proven that factoring is the quickest and most secure mean for finance if compared to other finance tools specially for small and medium enterprises.
He indicated that factoring as a financial activity has started since more than 50 years and its portfolio has reached 1.3 trillion Euro worldwide. Factoring has been highly demanded in Egypt since a long time and the Commercial International Bank (CIB) was considering the establishment of such a company since a long time but after the recent changes introduced by the government of Dr. Ahemd Nazif and the emergence of the economic laws, such an activity became inevitable in Egypt.
He added that factoring activity exists in more than 70 countries around the globe, thus the idea of establishing this company as the first factoring company in Egypt started and the CIB is considered the first private bank in Egypt to start this activity. The CIB was a pioneer in many fields as it has life insurance companies, brokerage companies and investment companies. Adding the factoring activity as one of the important activities came into effect specially that many of the bank’s clients were asking for this service.