7th Annual East European Factoring Association Conference held in Chisinau on September 11-14, 2007
At the regular EEFA Conference, 73 delegates from 19 countries discussed the issues of the factoring market in the CIS countries and Eastern Europe, factoring industry trends all over the world, as well as new initiatives and ideas for developing international factoring cooperation.
One of the most interesting presentations in the field of risk management, which provoked great interest of the delegates, proved to be that by Chris Barrett, Partner at PricewaterhouseCoopers, who told the audience about international experiences and recommendations concerning factoring risk management best practice. He also stressed that he was agreeably surprised with the fact that National Factoring Company had decided to disclose the results of its factoring risk-management system audit, which undoubtedly would contribute to the growth in standards accepted in the factoring industry.
Rudolf Putz, Head of EBRD’s Trade Facilitation Programme, presented outputs for the year. He pointed out that one of the important events had turned out to be the emergence of the 1st factoring company in Georgia, founded by the Bank of Georgia. Also, Rudolf Putz told the audience about the achievements in the Moldavian factoring market – two Moldavian banks have been receving consulting services from EBRD regarding factoring.
While summing up the results of the conference, Mikhail Treyvish, EEFA President said: “Factoring services have become an essential part of market relationships in the developed countries, though as separate financial service, factoring has become popular not so long ago. In the first half of the 80s the turnover of the world factoring market was not higher than 100 bln USD, at present it is more than 650 bln USD. Factoring in the CIS countries and Eastern Europe is an age mate of the XXI century, and now is in the period of rise. Factoring is a specific instrument facilitating the development of both internal and international trade, contributing to the maturing of business relationships. International factoring is an unreplaceable instrument for countries being keen to develop international trade relationships. The 7th EEFA Conference has showed that factoring has great prospects in our countries. The need of enterprises for operating assets, given the existence of credit and liquidity risks, stimulates factoring development”.
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