On the 21st of June, 2022, the European Bank for Reconstruction and Development (EBRD) is launching the Feasibility Study for the development of an Electronic Registry for Factoring Contracts. The winning contractor company KPMG will examine the possibilities of integrating the registration platform into existing public registries operated by the LEPL National Agency of Public Registry of Georgia (NAPR). The Study will provide detailed technical requirements and cost estimates for the development and implementation of the registration platform. The feasibility study is expected to be completed by the end of 2022.
The European Bank for Reconstruction and Development (EBRD) and the Investors Council have supported the development of a draft law on factoring to help facilitate the introduction of factoring products in Georgia. Through the process the EBRD and the Investors Council have worked closely with the Ministry of Economy and Sustainable Development (MoESD), the National Bank of Georgia (NBG) and the National Agency of Public Registry of the Ministry of Justice. A centralized electronic platform for the registration of factoring transactions is required to make the new law operational.
The creation of a platform, which can be integrated into existing public registries, is expected to be conducive to the development of a healthy environment for companies (including SMEs) to have additional mechanism for quicker access to funds.
The initial online meeting to initiate the feasibility study was held on the 21st of June, 2022. The meeting was opened by the welcoming remarks from the EBRD Regional Director for the Caucasus, Ms. Catarina Bjorlin Hansen; Deputy Minister of Economy and Sustainable Development of Georgia, Mr. Irakli Nadareishvili; Vice President of the National Bank of Georgia, Mr. Papuna Lezhava and the Chairman of the National Agency of Public Registry, Mr. Bacho Tortladze.