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.
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.
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: