Design and creation of legislative framework and market development draft strategy for financial leasing services in Georgia GE2002

Descriptions

The primary goal of this project is to support GoG's commitment accelerate economic growth by developing a strategy for a vibrant leasing industry tool for financing MSME growth and stimulating fixed capital formation in the country. The main beneficiary and counterpart (Reform Owner) of the project will be the PM Office as defined by the ToR for this project. Other key beneficiaries and direct counterparts (key stakeholders) will be the Ministry of Economy and Sustainable Development (MoESD), Ministry of Finance (MoF), the National Bank of Georgia (NBG), and the Investment Council (IC) as an important supporter of leasing companies and this initiative. Within the scope of the project, a Working Group will be created to ensure that project objectives are achieved efficiently and all key stakeholders involved. The project will be implemented in two phases during December 2020 - March 2021. The first phase will be focused on analysis of current and potential leasing market in Georgia, including reviews of the legislative framework and international best practices. In the second phase, this information will be used by the project team as the basis for preparing the leasing development strategy, recommendations on the legislative framework and a roadmap for implementation of the recommendations. The main outputs of the project will be the Assessment reports on the current leasing market, its capacity, existing legal, tax and regulatory environment and on the international best practices; as well as the draft strategy for developing leasing industry in Georgia, accompanied with recommendations and a roadmap. These outputs and the overall project will consider the interests of all key stakeholders including the GoG, the leasing companies and MSMEs in Georgia, including those run by women and vulnerable groups' representatives.