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The
participants in the factoring promotion conference in Dar es Salaam
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African businesses should capitalize on the
advantages offered by factoring as an alternative trade finance instrument in
order to trade more competitively, participants heard yesterday as a factoring
promotion conference co-organised by the African Export-Import Bank
(Afreximbank), the International Factors Group (IFG) and Factors Chain
International (FCI), opened in Dar es Salaam.
She said that Afreximbank also saw the promotion of factoring
as a way to support African small and medium enterprises (SMEs) to become
indirect exporters in supply chains
Ms. Awani said that the two-day conference, with the
theme “Introduction for getting started in factoring”, was aimed at expanding
awareness and strengthening factoring capabilities while offering participants
the opportunity to discuss the current state of the industry as well as network
with members of the global factoring bodies.
In addition to introducing African banks and non-bank
financial institutions to the financial instrument and funding them through
lines of credit dedicated to factors, Afreximbank was also building capacity
and fostering the creation of facilitative infrastructure for factoring, Ms.
Awani stated.
Earlier, in an opening address, Lila H. Mkila, Deputy
Governor of the Bank of Tanzania, said that factoring had the potential to
place African exporters at near equal footing with other players in global
markets.
In his own contribution, Peter Mulroy, Secretary General of
FCI, highlighted the importance of factoring as a tool to finance SMEs,
particularly at a time when global economic growth was slowing down.
The conference is featuring presentations by experts on the
benefits and risks, mechanics and legal aspects of factoring and includes a
session on the second day dedicated to case studies.
Fleur Tchibota
Afreximbank
External Communications
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