(MENAFN - Daily News Egypt) African Export-Import Bank (Afreximbank) allocated $150m fund for Africa's factoring activities until 2021, according to managing director of Intra-African Trade Initiative and chairperson of the African Chapter of FCI, Kanayo Awani. Awani told Daily News Egypt that there are no specific allocations for Egypt to support factoring activities in the country, however, the bank is ready to finance more factoring activities in the country. She pointed out that the bank is financing banks and non-banking institutions and only $10m of the allocated fund were spent, adding that the factoring is growing up and increasing. Awani noted that the bank is based on several pillars in promoting factoring in the continent, first is financial intervention through providing lines of credit and also guarantees. Regarding legal situation in Egypt in factoring and SMEs sectors, Awani elaborated that the recent revision for some legislation is very good, praising the Central Bank of Egypt's initiative for supporting SMEs.

Source: Daily News Egypt September 27, 2018 06:56 UTC