P4/Strat.No.24: Supporting the Business Environment by Fast-Tracking Legislation for Increasing Access to Finance by Medium, Small, and Micro Enterprises.

P4/St.No.24

Wave

Objective

Intervention

Target Audience

Guidelines and Criteria 

Implementing Agency

Estimated Cost

Overall Beneficiary

Provide businesses with the opportunity to access financing using business movable assets such as equipment, receivables and inventory.

Fast track legislation for the Security Interest in Movable Properties & Insolvency

Procure the design and implementation for the online Collateral Registry

Date of completion for Legislation: September 2020
Date of completion for Collateral Registry: August 2021

Small and Micro Businesses
Individuals

Lending criteria as set out by the financial institutions and legislation

Department of Finance - NCPC, Registry of the High Court, and Financial Institutions

$1.08 Million

Individuals and Business Community

Status Update

On-Going

[April 21, 2021]

 

This intervention is being coordinated by the Department of Finance.

(1) Fast track legislation for the Security Interest in Movable Properties & Insolvency

The two draft Bills (Security Interest in Movable Properties and the Insolvency) have been advanced and they are now at the AG Chambers for finalisation. Consultations have been held with stakeholder groups for both draft Bills.

 

(2) Procure the design and implementation for the online Collateral Registry

The RFP has been prepared and is being vetted internally and by the IFC/World Bank Group. It is expected that the request for proposals will be sent out by March 2021 for the design and implementation of the Online Registry.

 

MILESTONES

 SECURITY INTEREST IN MOVABLE PROPERTIES & ONLINE COLLATERAL REGISTRY

MILESTONES

BANKRUPTCY AND INSOLVENCY

Source: National Competitiveness and Productivity Council (NCPC)