{"id":41265,"date":"2022-03-14T22:28:27","date_gmt":"2022-03-14T22:28:27","guid":{"rendered":"https:\/\/thefreezonechannel.com\/?p=41265"},"modified":"2022-03-14T22:28:32","modified_gmt":"2022-03-14T22:28:32","slug":"afreximbank-commends-congo-for-adopting-factoring-law","status":"publish","type":"post","link":"https:\/\/thefreezonechannel.com\/old\/afreximbank-commends-congo-for-adopting-factoring-law\/","title":{"rendered":"Afreximbank commends Congo for adopting \u201cFactoring Law\u201d"},"content":{"rendered":"<p>The African Export-Import Bank (Afreximbank), has congratulated the Republic of Congo for adopting the \u201cFactoring Law\u201d to support business activities.<\/p>\n\n\n\n<p>According to the bank, the move is a critical milestone in its efforts to increase Africa\u2019s share of global factoring volumes from its current level of about one per cent.<\/p>\n\n\n\n<p>Afreximbank\u2019s Media Contact, Amadou Sall gave the commendation in a statement made available to newsmen on Monday in Abuja.<\/p>\n\n\n\n<p>Sall said that the factoring law offers an alternative trade finance instrument to African firms, especially Small and Medium Enterprises (SMEs).<\/p>\n\n\n\n<p>He said that the law would provide a major boost to the development and growth of&nbsp; SMEs in the Republic of Congo.<\/p>\n\n\n\n<p>Sall said that the legal infrastructure supports diversification of SMEs financing, as well as provides credibility and assurance to investors.<\/p>\n\n\n\n<p>According to him, the law significantly facilitates access to finance for previously excluded small and medium businesses in the Republic of Congo.<\/p>\n\n\n\n<p>Sall said that the Republic of Congo\u2019s initiative would serve as a model to Central African states in particular, and other African states that were yet to enact a law on factoring, by demonstrating the benefits of such legal reforms.<\/p>\n\n\n\n<p>He said that the President and Chairman of the Board of Directors of Afreximbank,&nbsp; Prof. Benedict Oramah, said \u201cthe Republic of Congo\u2019s adoption of the Factoring Law represents a major step forward for Africa\u2019s thriving SMEs, and broadens financial options to them.<\/p>\n\n\n\n<p>\u201cThe adoption of the law will act as a catalyst to the growth of factoring in Congo. We are delighted that the Congolese Government is championing innovative ways of doing business and promoting financial inclusiveness.<\/p>\n\n\n\n<p>\u201cWe are proud of our role in facilitating this process,\u201d Oramah said.<\/p>\n\n\n\n<p>Sall said that Afreximbank\u2019s Factoring Working Group, led by Miss Kanayo Awani, the Managing Director of the Bank\u2019s Intra African Trade Initiative, played a pivotal role in the development of the law.<\/p>\n\n<!--themify_builder_content-->\n<div id=\"themify_builder_content-41265\" data-postid=\"41265\" class=\"themify_builder_content themify_builder_content-41265 themify_builder tf_clear\">\n    <\/div>\n<!--\/themify_builder_content-->","protected":false},"excerpt":{"rendered":"<p>The African Export-Import Bank (Afreximbank), has congratulated the Republic of Congo for adopting the \u201cFactoring Law\u201d to support business activities. According to the bank, the move is a critical milestone in its efforts to increase Africa\u2019s share of global factoring volumes from its current level of about one per cent. Afreximbank\u2019s Media Contact, Amadou Sall [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":10420,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[125],"tags":[281],"class_list":["post-41265","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-finance-money","tag-afreximbank","has-post-title","has-post-date","has-post-category","has-post-tag","has-post-comment","has-post-author",""],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v23.7 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Afreximbank commends Congo for adopting \u201cFactoring Law\u201d - The Freezone Channel<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/thefreezonechannel.com\/old\/afreximbank-commends-congo-for-adopting-factoring-law\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Afreximbank commends Congo for adopting \u201cFactoring Law\u201d - The Freezone Channel\" \/>\n<meta property=\"og:description\" content=\"The African Export-Import Bank (Afreximbank), has congratulated the Republic of Congo for adopting the \u201cFactoring Law\u201d to support business activities. According to the bank, the move is a critical milestone in its efforts to increase Africa\u2019s share of global factoring volumes from its current level of about one per cent. 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