Support for SMEs > Access to finance

Start/end date: 2018 - 2022
Country covered: Georgia
Implementing partner: The World Bank
EU budget: €4.5 million
The project supports analytical, advisory and capacity building support to strengthen key elements and lay the foundations for enhancing financial inclusion and accountability in Georgia. 

Objectives

Enhancing the framework for capital and insurance market development; improving the financial infrastructure and responsible financial inclusion; and promoting better corporate and State-Owned Enterprise (SOE) governance and reporting.  

Beneficiaries

National Bank of Georgia; Ministry of Economy and Sustainable Development; Insurance State Supervision Service of Georgia; Service for Accounting, Reporting and Auditing Supervision. 

Activities

The project will provide advisory support and capacity building under four components:

• Capital market development
• Insurance reform
• Responsible financial inclusion
• Better financial information and accountability 

Results

Expected results by the end of the project include:

• Capital market legal and regulatory framework modernised
• Capital market infrastructure (trading) oversight enhanced
• Market awareness and enabling environment for fixed income products improved
• Enabling framework for the development of new insurance products established
• Insurance market is expanded through introduction of compulsory insurance products
• Responsible Finance framework initiated
• Financial Infrastructure for responsible finance enhanced
• Accounting frameworks for SMEs developed and the respective capacity of SMEs increased
• Capacity of Small and Medium Accounting Practices (SMPs) enhanced
• Governance and Public Accountability of SOEs streamlined
• Accounting and Auditing Quality Control enforced
• Accounting Education improved