The International Forfaiting Association (IFA) and the International Factors Group (IFG) have signed a co-operation agreement.

Signed in Milan last week, the agreement will see the IFG become an associated member of the IFA, and the IFA a strategic partner of the IFG.

A statement issued by the pair says that they have recognised that the “world of trade finance and the world of open account receivables financing are moving closer to each other, [and] there is a need for stronger co-operation between the respective trade bodies for these industries”.

As part of this initiative, members of both institutions will be invited to attend each other’s educational and networking events. The two groups will also look to share knowledge and best practices.