Import and Export Factor of the year Award Africa and the Middle East
24/11/2021
FCI (formerly known as The Factors Chain International) has announced that;
“The Egyptian Company for Factoring - Egypt Factors (a member of the FIMBank group) has won The Import and Export Factor of the year Award
Africa and the Middle East”
This came during the annual conference of the global factoring organization which was held In Amsterdam, Holland at the end of September 2021.
Mr. Ahmed Shaheen Egypt Factors CEO, Ms. Ghada Shams General Manager and head of International factoring and Ms. Doaa Hafez head of operations and client relations have received the award.
The company has received the highest rating for import and export factoring based on the survey that the FCI organization has held among its 400 members, being major banks and finance institutions (factoring companies) from 90 countries.
Prof. Dr. Mohammed Omran, Chairman of the Financial Regulatory Authority of Egypt, praised Egypt Factors’ winning of the Best International Factoring company in the Middle East and Africa from the FCI. He also added that the Egyptian company’ win of this award is considered as an international recognition that proofs the effectiveness of the standards and controls that are established by the Financial Regulatory Authority (FRA) to achieve the safety and stability of the non-bank financial activities up to the best international practices.
Dr. Omran has also highlighted the development of Egyptian factoring business and its international recognition that has been achieved through the implementation of the factoring and leasing law # 176 for the year 2018. This law has also regulated the international factoring business to support and promote the exports.
Ahmed Shaheen, Egypt Factors CEO, has indicated that the winning of his company of this prestigious international award is also a recognition to Egypt and its pioneering role in the financial and economic sectors.
He has also highlighted that this award is a crowning to the company’s efforts throughout its 15 years journey. During this journey the company has invested heavily in the training and development of its Egyptian calibers up to the best international standards and practices. The company’s parent being the European FIMBank Group (a member of the Kuwaiti KIPCO group) has supported Egypt Factors with top European and international experts to train the local calibers. FIM Group has also injected several investments and funding lines in the company to enable it to expand and succeed in the international business.
Shaheen has further stressed the role that the Egyptian Economic Reform Program has played in increasing the factoring volumes (especially that Factoring is one of the most important tools to finance growth). In addition to, the constructive cooperation and facilitation of procedures offered by The General Authority for Investment and Free Zones (GAFI) and the effective organizational and regulatory role played by the Financial Regulatory Authority (FRA).
