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Alaam Al Mal Newspaper

Ministry of Trade and Industry sponsored International Factoring Promotion Conference

Focus on mechanisms to support exporters

By AMIR Al-ESEIRY. Alam Almaal, 17 January, 2010.

Factors Chain International (FCI) held its first international conference to discuss factoring as a new financial tool that can be used to contribute to increase of cash flows and protection of debts. The conference was held under the sponsorship of Ministry of Trade and Industry, Factoring Chain Iinternational, Cairo Chamber of Commerce, Federation of Egyptian Industries, Export Credit Guarantee Company of Egypt (ECGC) and Egypt Factors. Galal Al-Zourba, Chairman of the Federation of the Egyptian Industries, and Ali Moussa, Chairman of Cairo Chamber of Commerce, attended the conference.

Speakers at the conference included Jeroen Kohnstamm, FCI Secretary General, Katagay Payrar and Juang Shu, members of FCI Executive Committee, Peter Mallroy, Chairman of FCI Executive Committee Council, and Ola Gadallah, BOD Chairman of ECGC, Ahmed Shaheen, General Manager of Egypt Factors, and Marius Sefen, a general manager at Egypt Factors.

The conference highlighted benefits of factoring for Egyptian companies and new technologies that factoring provides for exporters in terms of supporting and helping them open up new export windows and building commercial capacities.

Ahmed Shaheen, Egypt Factors General Manager, stated that factoring is one of the new financial tools that proved its worth during the international financial crisis, and has contributed to supporting capacities of Egyptian exporters, and creating demand for Egyptian products. He pointed out that Egypt Factors provides a package of program geared towards serving investors.

On the other hand, Ola Gadallah, BOD Chairman of ECGC, said that the company pays great attention to factoring as a significant financial tool that contributes to increase in Egyptian exports. Hence, it has taken several steps in this regards, the most important of which aims at enhancing capacities of its human resources with the purpose of delivering a quality service.