Sisi ratifies financial leasing, factoring law

CAIRO – 18 August 2018: President Abdel Fatah al-Sisi ratified Saturday the law that regulates the financial leasing and factoring activities, after the House of Representatives had passed it.

The law gives six-month grace period to the companies working in financial leasing and factoring activities to legalize its businesses. The Financial Supervisory Authority was granted the authority to extend this deadline to one or two additional terms.

The new law was published in the official gazette.

The law came within the framework of the state’s keenness on developing financial inclusion, increasing the investment volume, and boosting economic activities in order to increase the rates of production and operation.