Cairo – Mubasher: Factoring business in Egypt is expected to grow to EGP 10 billion in 2018, compared to EGP 5 billion a year earlier.
Egypt is one of the thriving markets for the non-banking financial instruments, mainly factoring services, following the Central Bank of Egypt’s (CBE) decision to cut interest rate, head of the Egyptian Association for Factoring Gamal Moharam told Alborsa News.
The Egyptian market will witness further organisations in light of the House of Representative’s discussion of the financial leasing and factoring law, he added.
On 2 April, Egypt has launched the National Strategy for Non-banking Financial Services during the period starting 2018 to 2022, which included raising factoring portfolio to EGP 20 billion from EGP 9 billion now.
