Capital Market Support Program

The Capital Market Support Program is funded by the European Union and is implemented by the EBRD’s Capital & Financial Markets Development team. The program is led by EBRD’s lead contractor, Galt & Taggart, together with BDO Georgia.

Capital Market Support Program

Program Objectives

The overall strategic objective of the project is the facilitation of capital market development in Georgia.

In particular:

Development of an educational mechanism to help raise awareness of capital markets

Development of an incentive mechanism to assist selected companies in gaining access to the capital market

Implementation of a co-financing mechanism: co-financing of costs related to obtaining financing in the capital market for selected companies

Program Methodology

The Methodology Developed Within The Project Consists Of 3 Main Parts:

Market Potential Research And The Identification Of Existing Barriers

In the first phase of the "Capital Market Support Program", the potential of Georgian capital markets was studied and the existing barriers have been identified that prevent various companies from accessing the capital markets. This step included research preparation as well as in-depth interviews with various capital market stakeholders, investors and potential publishers.

Read the full survey results at the link.

Development Of A Capital Market Support Mechanism

The second phase of the project focuses on creating a capital market incentive mechanism. The mechanism will assist selected companies in capturing the capital market through the issuance of public debt and/or equity securities. The incentive mechanism includes co-financing of securities issues for selected companies.

If you would like to register in the project, register at the link.

The registration process will have a duration of one and a half month, and after its completion, a maximum of 10 successful candidates will be selected.

See detailed information about phase II at the link.

Implementation Of The Program

Final, Phase III involves the use of the program and the created incentive mechanism, which involves facilitating companies’ access to capital markets and making the program operational.

I Phase

Completion date : September 14, 2021

II Phase

Current

III Phase

Program Benefits

Raising awareness about the possibility of obtaining alternative financing through capital markets

Receiving information and advice on procedures, legislative requirements, and regulations required to obtain financing in the capital market through the education scheme

Facilitating the project’s financing through the capital market

Receiving funding for emission-related costs through a co-financing scheme