ALF CELEBRATES 40 YEARS WITH AROUND 700 BILLION IN FINANCING AND RECEIVABLES

With more than 200 guests gathered at the National Palace of Queluz, the Portuguese Association of Leasing, Factoring and Renting, the association that represents specialised financing in Portugal, celebrated on Wednesday a journey that has gone hand in hand with the three products' support for the national economy over the last few decades.

The association that represents Leasing, Factoring and Renting in Portugal celebrated its 40th anniversary in the specialised financing sector on the 28th of February. At a commemorative dinner at the National Palace of Queluz, the board of the Portuguese Association of Leasing, Factoring and Renting (ALF) recalled the journey begun in 1984 by APELEASE, seven years after the publication by Mário Soares' government of Law nº. 46/1977, which allowed the creation of para-banking institutions, among others, giving rise to financial leasing in the country.

Currently with 25 member institutions, ALF has evolved to represent leasing and factoring, the latter regulated two years after its foundation by Decree-Law nº. 56/1986, and a few years later, renting appeared in Portugal, which joined ALF in 2008. In these 40 years, Leasing has financed 100 billion euros in movable assets and real estate investments, Factoring has taken out 585 billion euros in receivables and Renting has acquired 508,000 new light vehicles, worth 10.6 billion euros.

Luís Augusto, president of ALF, recalled that "after the 25th of April, these new types of products emerged, enabling companies and families to finance their investments and treasuries in a more advantageous, dynamic and appropriate way. The evolution, diversity and innovation of the products represented has kept pace with the country's economic development, making a difference to many companies and families. It is the work carried out by all the Members that allows this progress to be made and that, as a whole, is invaluable for the country's progress."

The ALF president also noted that "in an increasingly competitive world, Leasing, Factoring and Renting are drivers of economic development and the promotion of competition in the financing of the national economy. Increasingly, when faced with challenges such as the energy transition and increasing the country's competitiveness, these 3 specialised products have a role to play in supporting the Portuguese economy, as is the case with the richest European economies."

At the 40th anniversary ceremony, the President of the Portuguese Republic emphasised the association's contribution to "the good of the Portuguese throughout these 40 years". In his video message alluding to the commemoration, Marcelo Rebelo de Sousa said: "I will soon recognise and award those like you who deserve to be decorated for their constant contribution to Portugal over the decades".