A New Law for Financial Leasing & Factoring

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As part of the recent overhaul of the legal framework governing non-bank financial activities, a new law was issued regulating financial leasing and factoring. The two activities are not new to Egyptian law. Rather, the new law replaces a 1995 law on financial leasing, while factoring, although not governed by an independent law, was regulated under a prime ministerial decree and various implementing decisions. The new law contains the conditions for entities which may undertake financial leasing activities following an FRA approval, elements of the financial leasing contract, and allows a usufruct right to be treated as a finance lease. The law also provides an adequate coverage for various aspects and issues that were not clearly regulated before, including the provisions regulating factoring. Click here for more details on the new Financial Leasing & Factoring Law.

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