The objective of this project on factoring in Egypt was to complete a set of new regulations related to factoring, first in draft form for discussion with the EFS team and with the counterpart, then in final form following discussions with the counterpart.
As stated in the SOW of October 2005, these documents were therefore completed in two phases:
Phase One (before coming to Cairo): Draft regulations and a Policy Paper were completed on October 30 and sent to EFS, then EFS distributed them to the advisory team and to the counterpart.
Phase Two (in Cairo): Following an meeting on November 20 with the counterpart and discussions with the EFS team, a full proposal for a regulatory framework for factoring was completed on November 26 and distributed to the EFS team. Following discussions with the EFS team, this proposal (dated November 29) was given to the counterpart and discussed with him on November 30, in two meetings (morning and afternoon). At these meetings, some policy issues were discussed and resolved, and reflected in the final proposed regulations which were completed and submitted to EFS team and to the counterpart (the Executive Regulations, and the Rules, final version dated December 1). At the November 30 meetings the counterpart expressed satisfaction with the proposed regulatory documents; asked for a brief summary of the proposal for presentation to the Minister (this summary was then done by this Consultant, dated December 1), and asked the EFS project to arrange for an Arabic version of the Executive Regulations and Rules to be done by financial and legal experts.