An agreement signed today between Georgia and the World Bank will provide Georgia with EUR 85 million of preferential long-term financial resources to help micro, small and medium-sized enterprises impacted by the Covid-19 pandemic. One component of the project establishes a new instant payment system, which is meant to strengthen the innovative economic system of the financial sector.

The project will also help upgrade the country's payment system infrastructure, which will be implemented independently by the NBG. Along with enhancing assistance programs for small enterprises, the project will create a new system of fast payments to offer greater accessibility of funds for companies, including said enterprises.

"The project is diverse with multiple components, and all of them are expected to play important roles in the digitalization of the Georgian economy and the development of small and medium-sized businesses. The NBG component is a fast payment system that will work every day round the clock.  It will take about a year and a half to complete the project. By the end of the next year, Georgia will have a new payment system allowing instant payments without being costly."