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Discussion on development factoring in Africa to kick off

11 June 2014, 21:33

Lagos - The African Export-Import Bank (Afreximbank) will meet with legislators and regulators from West and Central Africa on June 13 on the development of factoring in Africa.

A statement by the bank in Lagos said the meeting would hold at the Radisson Blu Anchorage Hotel, Lagos.

The bank's President, Jean-Louis Ekra, said that the meeting was to empower African countries to take full advantage of the many benefits of factoring as a trade finance instrument.

He said the seminar would help to heighten awareness about factoring in Africa and begin the groundwork toward a facilitative legal and regulatory environment across the continent.

"It will also give impetus to Afreximbank's work on the design and introduction of a model best practice factoring law for Africa.

"In today’s highly competitive world, this tool has the potential to place African businesses at near equal footing with the other parts of the global market,” he said.

He added that the seminar would feature presentations by David Tatge of the law firm of Epstein Becker Green of the U.S. and Erik Timmermans, Secretary-General of the International Factors Group.

The Central Bank Governors, Heads of National Stock Exchanges and representatives of factoring companies and law firms from 15 countries in West and Central Africa would take part in the workshop.

Afreximbank is the foremost Pan-African multilateral financial institution devoted to financing and promoting intra-and extra-African trade.

Since 1994, Afreximbank has approved almost $30 billion in credit facilities for African businesses, including about $3.5 billion in 2013.


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