Manor Ltd.

MIGA issued a €299,160 ($337,467) guarantee to Norway Registers Development AS of Norway covering its shareholder loan of €250,000 to Manor Ltd. in FYR of Macedonia. The guarantee is for a period of five years and provides coverage against the risk of breach of contract.

The project addresses the need for a fast, accurate and up-to-date data management system for the registration of annual accounts (financial statements and other relevant financial information of private companies and public entities) in FYR of Macedonia. It consists of the development of a comprehensive software solution compatible with the infrastructure already in place in regional offices that will allow the Central Register of FYR of Macedonia to collect, centralize, and distribute annual accounts information. At the end of the five-year license agreement, the sponsor will transfer, at no charge, the ownership of the project to the Central Register.

The project is an instrumental part of a comprehensive effort of the Macedonian gov-ernment to develop a regulatory framework and institutions for recording financial trans-actions and annual accounts. The project will make information readily available across all Central Register regional offices with accuracy and consistency, and enhance and upgrade the current registry system. The project will also contribute to the development of the infrastructure supporting business transactions, and improve the investment climate and account transparency in the country.