Egypt Parliament Approves Financial Leasing, Factoring Law | INVEST-GATE

Egypt Parliament Approves Financial Leasing, Factoring Law

Egypt Parliament Approves Financial Leasing, Factoring Law

Egypt’s parliament has approved on Saturday, June 23, a financial leasing and factoring bill in a general session headed by Parliament Speaker Ali Abdel Aal, in the presence of Minister of Investment and International Cooperation Sahar Nasr, Invest-Gate reports.

In its statement, Nasr emphasizes the bill’s importance as it integrates with a range of other laws that contribute to the economic reform program’s implementation, adding that the ministry, in collaboration with the Financial Regulatory Authority (FRA), comprehensively reviewed factoring activities to set specialized development plans whilst providing diversified funding tools for projects.

Prepared with the assistance of international experiences, the new law merges factoring and financial leasing activities in one law which also allows firms and licensed non-governmental organizations to carry out microfinance activities in accordance with FRA’s new measures.

The minister underlines that the new law will help to reach societal segments that do not benefit from many financial services, noting that the bill is an additional incentive for small industries, which will help offer new job opportunities, according to the statement.

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