Bishkek, Kyrgyz Republic, February 10,
2010—IFC, a member of the World Bank Group, is helping create a legal
framework for sharing credit information in the Kyrgyz Republic to enable
the credit bureau to operate more efficiently and increase access to finance
for small businesses and individual consumers.
IFC hosted the first roundtable in Bishkek
to discuss the draft law with representatives of the government and financial
sector. The discussion covered best practices on regulation of credit
bureaus and the development of credit information sharing in the country.
As a key outcome, participants’ suggestions will be consolidated and recommended
for inclusion in the draft law.
“There is a unique situation in the
Kyrgyz Republic—we have an operating credit bureau whose development is
slowed by the absence of guiding legislation,” said Alisher Sabirov, Member
of Parliament and co-author of the draft law. “The new law on credit bureaus
will help fill the gap and create a more favorable legal environment for
credit information sharing development in the Kyrgyz Republic.”
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.
IFC is initiating this discussion to help align legislation with international
standards and facilitate adoption of this law.”
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, a member of the World Bank Group,
creates opportunity for people to escape poverty and improve their lives.
We foster sustainable economic growth in developing countries by supporting
private sector development, mobilizing private capital, and providing advisory
and risk mitigation services to businesses and governments. Our new investments
totaled $14.5 billion in fiscal 2009, helping channel capital into developing
countries during the financial crisis. For more information, visit www.ifc.org.
About Switzerland’s support
Swiss funding for the project is provided
by the State Secretariat for Economic Affairs, the Swiss Confederation’s
competence center for all core issues related to economic policy. It aims
to create basic regulatory and economic policy conditions to enable business
to flourish and benefit all. SECO also represents Switzerland in the large
multilateral trade organizations and international negotiations, and is
involved in efforts to reduce poverty and help developing countries with
transition economies build sustainable democratic societies and viable
market economies. Each year, Switzerland spends about $1.5 billion on development
cooperation and transition assistance to developing countries. For more
information, visit www.swisscoop.kg.