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Al Gomhorya Newspaper
21/01/2010

Egypt Factors succeeds in organizing the first International Factoring Promotion Conference

"Egypt Factors, the first factoring company in Egypt, organized last week the first International Factoring Promotion Conference under the sponsorship of Ministry of Trade & Industry and Factors Chain International (FCI) with the participation of Cairo Chamber of Commerce, Industries Federation and the Egyptian Company for Export Credit Guarantee .

The conference targeted acquainting the financial institutions and Egyptian and Arab business community with the significance of factoring as one of the most effective financial tools for financing SMEs, local and international trade.

Jeroen Konstamm, Secretary General of FCI, inaugurated the conference and explained the growing role of factoring as one of the most suitable tools for financing trade and SMEs. He also indicated that factoring, as a financial tool, has become one of the most widespread means of trade financing all over the world, where the volume of factoring deals reached 1100 billion Euros. He explained FCI role in the development of factoring and spread of its awareness in different world countries as well as the increasing desire of banks and greater financial institution to join factoring business through establishing specialized companies in this field, where the number of factoring companies that joined the membership of FCI exceeded 250 companies, spread over more than 66 countries around the world. In the conference, Galal El-Zorba, Chairman of Egyptian Industries Federation, stressed the importance of spread of modern financing mechanisms like factoring in the Egyptian market to support SMEs and develop Egyptian industry.

Peter Mulroy, chairman of FCI and other members of FCI Executive Committee also spoke and explained the significance of factoring as one of the most important financing tools of SMEs. They also explained the numerous benefits it provides to companies, which sell in local and international markets. Extensive exposition about ways and mechanisms of factoring was also provided.


"Egypt Factors, the first factoring company in Egypt, organized last week the first International Factoring Promotion Conference under the sponsorship of Ministry of Trade & Industry and Factors Chain International (FCI) with the participation of Cairo Chamber of Commerce, Industries Federation and the Egyptian Company for Export Credit Guarantee .

The conference targeted acquainting the financial institutions and Egyptian and Arab business community with the significance of factoring as one of the most effective financial tools for financing SMEs, local and international trade.

Jeroen Konstamm, Secretary General of FCI, inaugurated the conference and explained the growing role of factoring as one of the most suitable tools for financing trade and SMEs. He also indicated that factoring, as a financial tool, has become one of the most widespread means of trade financing all over the world, where the volume of factoring deals reached 1100 billion Euros. He explained FCI role in the development of factoring and spread of its awareness in different world countries as well as the increasing desire of banks and greater financial institution to join factoring business through establishing specialized companies in this field, where the number of factoring companies that joined the membership of FCI exceeded 250 companies, spread over more than 66 countries around the world. In the conference, Galal El-Zorba, Chairman of Egyptian Industries Federation, stressed the importance of spread of modern financing mechanisms like factoring in the Egyptian market to support SMEs and develop Egyptian industry.

Peter Mulroy, chairman of FCI and other members of FCI Executive Committee also spoke and explained the significance of factoring as one of the most important financing tools of SMEs. They also explained the numerous benefits it provides to companies, which sell in local and international markets. Extensive exposition about ways and mechanisms of factoring was also provided.