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IFC Partners, Central Bank to Create Credit Bureau in Azerbaijan

IFC, a member of the World Bank Group, is helping to establish a private credit bureau in Azerbaijan.

IFC partnered with the Central Bank of Azerbaijan to host the first roundtable to discuss benefits of credit bureaus and to initiate 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 bureau" and further development of credit information sharing framework and systems in the country. As a key outcome, the roundtable participants agreed to create a task force on establishing and developing a private credit bureau in the country.

Alim Guliyev, First Deputy Chairman of the Management Board, the Central Bank of Azerbaijan said:" The Central Bank 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 the financial sector and IFC Project aiming to reach these objectives."

Anastassiya Marina, IFC Project Manager, 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."

This initiative is part of the Azerbaijan-Central Asia Financial Markets Infrastructure Advisory Services Project, funded by Government of Switzerland. The project aims to strengthen the system of sharing credit information and introducing formal education in risk management and certification for financial institution employees. It also helps increase public awareness of the benefits of credit information sharing systems along with risk management.

IFC is the only international financial institution focused exclusively on the private sector, the engine of sustainable development in emerging markets. Along with IBRD, it is currently seeking a capital increase to strengthen its ability to create opportunity for the poor in developing countries-including by developing financial infrastructure to expand access to finance for people and small business.

IFC's Corporate Governance Project is financed by the Swiss Government. Swiss funding for the project is provided by the State Secretariat for Economic Affairs (SECO), which is responsible for economic and trade policy measures within Switzerland's development cooperation and transition assistance. Each year, Switzerland spends over USD 2 billion on official development assistance.

Source: News.az

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