Initially started as a special department within TUNISIE LEASING in 1997, TUNISIE FACTORING was created as a separate entity, endowed with a capital of 4 million dinars, in 1999. The TFG funds were given the opportunity to invest on that occasion. At that time, most of the ground work required to launch a factoring operation in Tunisia was done: a study had shown the legal feasibility, under certain conditions, of this activity, and a market study had shown the existence of a market, albeit relatively small. Procedures and an information system were put in place, and, more importantly, a solid team led by Mr. Mohamed Bouraoui was in place, which effectively started providing factoring services: management of client's receivables, short term financing and export guarantees. Together with TUNISIE LEASING, we sought an experienced business partner. An agreement was reached with SOCIETE FRANCAISE DE FACTORING "SFF", now called EUROFACTOR since its merger with SLIFAC, the specialized subsidiary of CREDIT LYONNAIS. Our funds subscribed to 30%, SFF to 10% while TUNISIE LEASING retained 60%. The promotional work for this financial product is developing. Every day, new companies are contacted, the product's advantages are explained, new invoices are purchased and buyer solvency information is gathered and analyzed to protect our clients from bad debtors.