The Ministry of Finance and Business Association of Georgia agreeing on Major Issues of Leasing Legislation

22 Mar '11

At the subsequent working meeting between the Ministry of Finance and Business Association of Georgia, concerning the improvement of leasing regulatory framework, the participants reviewed the draft-law on leasing. Improvement of leasing regulatory framework is the joint initiative of the Ministry of Finance, Business Association and Georgian Leasing Association, implemented with the support of USAID project Economic Prosperity Initiative (EPI). Within the framework of this initiative, legislative changes concerning civil and tax codes have been drafted.
Major issues of leasing regulation were agreed at the meeting. This agreement is a significant stage in the works dedicated to the improvement of leasing legislative framework and it will encourage more active application of leasing -a financial instrument, in the country. The international leasing experts invited by the Business Association and USAID EPI project were involved in the improvement of leasing regulatory legislation. It is anticipated to finalize the draft framework law within one month. "Joint work on sophistication of leasing legislative framework will last for one month. We hope that the new leasing law will encourage more active application of this alternative, mid-term financial instrument to be positively reflected on country's economy" - said the Minister of Finance, Mr. Kakha Baindurashvili.
"It is very important for us that agreement on major issues of leasing regulation has been reached with the Ministry of Finance. We are actively cooperating with all stakeholders and hope that legislative changes in leasing legislation will be submitted to the Parliament at its spring session". - stated BAG's President, Mr. George Chirakadze.