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Dushanbe, Tajikistan, June 12, 2013
—IFC, a member of the World Bank Group, along with local and global partners, have helped start operations at Tajikistan’s first private credit bureau, which is intended to improve access to finance for small and medium enterprises (SMEs), entrepreneurs, and consumers.
IFC, as well as shareholders of the Credit Information Bureau of Tajikistan, local financial institutions and CRIF — a global company specializing in the development of credit information systems — have partnered to launch technical and business operations at the bureau. A crucial component of financial infrastructure, the bureau will make it easier for financial institutions to grant credit and promote more responsible lending practices. By helping financial institutions evaluate risks, the bureau will lower borrowing costs and increase the availability of credit.
“The credit bureau will play an important role in credit risk management and in the promotion of a more mature credit culture in Tajikistan,” said Enrico Lodi, General Manager of Credit Bureau Services at CRIF. “The evolution of the financial sector depends on effective and efficient information systems, which streamline risk management and help sustain the financial needs of businesses and consumers.”
The National Bank of Tajikistan issued a license to the bureau in December 2012. Since then, the bureau has been developing technical solutions and collecting information to create more than 200,000 records in its credit history database. It has also signed cooperation agreements with several top banks and microfinance organizations.
“The credit bureau will play a critical role in increasing access to finance and promoting financial stability in Tajikistan by enabling responsible access to finance and expanding access to credit,” said Fabrizio Fraboni, IFC Principal Operations Officer.
The initiative is part of IFC’s Azerbaijan and Central Asia Financial Infrastructure Project, which aims to strengthen the financial infrastructure in Tajikistan and was implemented in partnership with Switzerland’s State Secretariat for Economic Affairs.
About IFC
IFC, a member of the World Bank Group, is the largest global development institution focused exclusively on the private sector. We help developing countries achieve sustainable growth by financing investment, mobilizing capital in international financial markets, and providing advisory services to businesses and governments. In FY12, our investments reached an all-time high of more than $20 billion, leveraging the power of the private sector to create jobs, spark innovation, and tackle the world’s most pressing development challenges. For more information, visit
www.ifc.org
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About SECO
Switzerland’s State Secretariat for Economic Affairs (SECO) is the federal government center of expertise on all significant issues related to economic policy. Its main task is to ensure sustainable economic growth by regulating economic policy. SECO is involved in the provision of measures of support for reforms in macroeconomic policy, infrastructure programs, and projects on trade and investment promotion. For additional information, please visit:
www.swiss-cooperation.admin.ch/centralasia/
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