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Monday, 11 September 2017

EFSA taps I-Score to set up movable collateral assets registry

The Egyptian Financial Supervisory Authority and The Egyptian Credit Bureau (I-Score) signed an agreement yesterday that will see them establish a movable collateral assets registry, an Investment Ministry statement says (pdf). The registry, which will launch within six months, is expected to facilitate SME funding and aid the government’s financial inclusion efforts, as it will allow machines, patents, and engineering designs to be used as collateral. The registry, which had been mandated by the passing of the Movable Assets Act, is also expected to improve Egypt’s ranking in the Doing Business report, the statement adds.

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