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World Bank Group Helps Improve Tajikistan’s Credit Reporting Infrastructure

Dushanbe, Tajikistan, March 15, 2016— IFC, a member of the World Bank Group, is launching the third phase of an advisory project to strengthen Tajikistan’s financial infrastructure and unlock affordable financing for smaller businesses, helping them grow and create jobs.
Over the next three years, the Azerbaijan-Central Asia Financial Markets Infrastructure Project III will continue to help develop an efficient credit-reporting system. This system will enable lenders to access borrowers’ credit histories, evaluate loan risks, and make lending decisions more quickly. It will also spur a regional integration of Tajikistan’s credit reporting service providers into one platform.
To promote movable asset-based lending, the project will remain focused on comprehensive reform for secured transactions and will continue to expand its financial literacy program, which has provided training to more than 100,000 Tajiks.
“In 2009, IFC, NBT, and Tajik financial institutions began to build the country’s financial infrastructure. Now they have created one of the region’s most efficient systems of credit information exchange,” said Christoph Liechti, Private Sector Development Programme Manager at the State Secretariat for Economic Affairs. “We expect that additional sources of information will be added to the exchange soon, making loans more affordable for the population. Following this, the next step in the project is the creation of an effective secured transaction system.”
Rolf Behrndt, Practice Manager, Finance and Markets, said: “For the local financial sector, it is crucial to have a well-developed credit reporting system, including well-functioning private credit bureaus and a sustainable oversight mechanism. The World Bank Group has helped establish a robust legislative framework and the first credit bureau in Tajikistan. We will continue to support further reforms to make credit widely available to small and medium enterprises and finalize a solid, secured-transaction system through legislative and institutional reforms.”  
With the World Bank Group’s support, the Government of Tajikistan and financial institutions have created a sound environment for developing a credit information sharing system. As a result, new legislation governing credit information sharing has been adopted and Tajikistan’s first private credit information bureau was established in 2010. It is now fully operational, producing more than 70,000 credit reports every month.
The presence of a well-functioning credit bureau has boosted Tajikistan’s ratings in the “Getting Credit" section of the World Bank Group’s Doing Business Report. The score increased from “0” in 2013 to “4” in 2014 and finally to “7” in the 2016 edition.
The comprehensive secured transaction reform was initiated with the strong support of the National Bank of Tajikistan and partners.
The Azerbaijan-Central Asia Financial Markets Infrastructure Project is funded by the government of Switzerland and implemented by the World Bank Group’s Finance and Markets Global Practice.
About the World Bank Group
The World Bank Group is one of the world's largest sources of funding and knowledge for developing countries. It comprises five closely associated institutions: the International Bank for Reconstruction and Development (IBRD) and the International Development Association (IDA), which together form the World Bank; the International Finance Corporation (IFC); the Multilateral Investment Guarantee Agency (MIGA); and the International Centre for Settlement of Investment Disputes (ICSID). Each institution plays a distinct role in the mission to fight poverty and improve living standards for people in the developing world. For more information, please visit , , and .
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