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Alaam Al Mal Newspaper
21/02/2010

"Factoring Helped Export Companies to Pass the Year of Crisis"


"A quantum Leap of Factoring Activities in the Upcoming Period"

Ahmed Shaheen; General Manager of Egypt Factors


Wrote: Amir Aleseery

The General Manager of Egypt Factors, Mr. Ahmed Shaheen, stressed that factoring activities achieved positive results and remarkable developments in the Egyptian market in spite of the international financial crises repercussions experienced by the exports sector. He added that the exports sector managed to resume activities in the international market thus overcoming the challenges faced the Egyptian companies in the foreign markets.

Mr. Shaheen further stated that Egypt Factors works for spreading out the factoring culture, and stressed the importance of factoring system as newly introduced financial tool effectively participating in financing enterprises and stimulating intra-trade both on the regional and the international levels. He also highlighted the factoring role in opening new export markets and helping exporters to obtain their financial dues in the various markets through the company's representatives worldwide.

Mr. Shaheen added that Egypt Factors enters into negotiations with all entities, thus allowing the business sector to be fully aware of the importance of factoring activities; particularly the financing of international exports and imports activities carried out by the various services, industrial and trade sectors. He said that these negotiations are being made in cooperation with the Industry Modernization Center, the Credit Risks Guarantee Co. and the Export Councils, and highlighted the importance of factoring role in financing the small and medium enterprises which are considered a promising and rapidly growing sector that gain much interest and wide support by the State.

On the other side, Egypt Factors participated in various conferences and symposiums, including the Exports Union and Arab Investors Conference. During this conference, Mr. Shaheen, the General Manager of Egypt Factors, made a presentation describing "factoring" as newly introduced financial tool and confirming its role in supporting the export sectors, raising competitiveness in the international markets and assisting companies to obtain raw materials by financing suppliers and purchase transactions.

Mr. Shaheen said that the Egyptian market is considered as one of the promising markets that grow steadily, and expected that "factoring" would achieve major breakthroughs in the upcoming periods.