EDBE's factoring unit obtains FRA's approval for operation
The bank's unit will provide integrated factoring programs for exports, imports, and local
By Staff Writer, Arab Finance
ArabFinance: Export Development Bank's (EDBE) affiliated company ABA for Factoring obtained the Financial Regulatory Authority's (FRA) approval to operate factoring activity, according to the bank's July 6th statement filed to the Egyptian Exchange.
The bank's unit will provide integrated factoring programs for exports, imports, and local.
In June, the bank secured a medium-term loan of $15 million (EGP 242.71 million) from Sanad Fund for micro small and medium enterprises.
The bank will utilize the loan in finance micro small and medium enterprises and agricultural institutions.
EDBE is an Egypt-based public shareholding company that operates in the banking sector. The bank offers banking and financial services, which encourage the export activities of the agricultural, industrial, commercial and services sectors.
At the press time, the conversion rate is $1 = 16.18
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