Dushanbe, Tajikistan, January 10, 2013—IFC,
a member of the World Bank Group, supported Tajikistan's first private
credit bureau in acquiring a license from the central bank, helping the
country strengthen financial market infrastructure and improve access
to finance for small and medium enterprises, and entrepreneurs.
The National Bank of Tajikistan in December issued a license to the Credit
Information Bureau Tajikistan, enabling it to become the first private
credit bureau in the country and start credit information sharing services.
From now on, it is officially authorized to start collecting information
on borrowers from Tajik financial institutions.
This initiative will enable Tajik financial institutions and other potential
participants such as mobile operators and utility companies to have timely
access to accountable and objective information on borrowers, which could
allow them to reduce loan processing times and credit defaults, and lend
to more small and medium enterprises.
“Launching a bureau of credit histories plays an important role in enhancing
the sustainability of the whole banking system,” said Abdujabbor Shirinov,
Chairman of the National Bank of Tajikistan. “The credit bureau will help
financial institutions get credible information on borrowers and reduce
The government of Tajikistan and the country’s financial institutions,
with IFC support, have created a sound environment for development of a
system of credit information sharing. As a result, the new legislation
governing credit information sharing was adopted and the first private
Credit Information Bureau Tajikistan was established in April 2010. IFC
is working with the bureau’s shareholders, local financial institutions
a global company specialized in the development of credit information systems
worldwide, to launch its technical and business operations.
"The issued license is recognition of the progress made by the bureau
and a major step forward to build a credit information sharing hub for
the Tajik financial market," said Fabrizio Fraboni, IFC Principal
Operations Officer. "This successful accomplishment shows strong National
Bank support and cooperation among stakeholders throughout the process.
We are looking forward to seeing the bureau as a benchmark best practice
model for the Central Asia region."
This initiative is part of IFC’s Azerbaijan and Central Asia Financial
Infrastructure Project, implemented in partnership with Switzerland’s
State Secretariat for Economic Affairs (SECO), which aims to strengthen
the financial infrastructure in Tajikistan.
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.