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IFC forms group for creation of private credit bureaus in Azerbaijan

The International Financial Corporation (IFC) will render assistance to establish private credit bureau in Azerbaijan.
IFC informed that in partnership with the Central Bank of Azerbaijan (CBA) it carried out the first round table to discuss benefits of credit bureaus and has started creation of the first private credit bureau in the country with representatives of the government and financial sector. The event covered discussions of best practices on regulation of credit bureaus, presentation of the local Draft Law on Credit Bureaus and further development of exchange system of credit information in the country. As a key outcome, participants of the round table agreed to create a task force on establishing and developing private credit bureaus in the country.

“CBA is interested in improving the borrowers’ assessment mechanisms and developing credit information sharing system in banks and other credit institutions, as well as establishing transparent and reliable credit relations between the creditors and the borrowers. We are ready to support project of IFC, aiming at achieving these objectives,” Alim Guliyev, First Deputy of CEO of CBA said
“A credit bureau, an integral component of the financial infrastructure, is critical to expanding access to credit for people and small businesses. We hope the task force on the establishment of the first private credit bureau in the country will become an engine in further strengthening credit information sharing and, as a result, facilitate expansion of access to credit in the country,” Anastassiya Marina, IFC Project Manager, said
This initiative is part of the Azerbaijan-Central Asia Financial Markets Infrastructure Advisory Services Project, funded by the Switzerland government. The project aims at strengthening the system of sharing credit information and introducing formal education in risk management and certification for employees of financial institutions. It also helps increase public awareness about the benefits of credit information sharing systems along with risk management.

Posted by CBN Extra Staff on 03 Mar 2010 [06:54] | Comments 0 |