National Agency of Public Registry under the Ministry of Justice, with the European Bank for Reconstruction and Development, has been involved in the development of an electronic registry of factoring contracts.
The European Bank for Reconstruction and Development (EBRD) is launching a feasibility study for the development of an electronic registry of factoring contracts. The winning contractor KPMG will study the possibilities of integrating the factoring transaction registry in the registration system of 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.
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 NAPR, the National Bank of Georgia (NBG) and the Ministry of Economy and Sustainable Development (MoESD). A centralized electronic platform for the registration of factoring transactions is required to make the new law operational.
Establishment of this platform in the market will contribute to the development of a healthy environment and increase access to finance for companies.
An online presentation on launching of the feasibility study was held with the participation of Oleg (Bacho) Tortladze the Chairman of NAPR.