Dushanbe, Tajikistan, April 29,
2010—IFC, a member of the World Bank Group, and its partners today
marked the official registration of Tajikistan’s first private credit
bureau, a long-awaited component of the financial infrastructure and a
crucial mechanism for expanding credit for people and small business.
Six microfinance institutions, four
commercial banks, and the Association of Microfinance Organizations of
Tajikistan became shareholders of Credit Information Bureau in Tajikistan,
which was initiated by IFC in partnership with the National Bank of Tajikistan
and the Swiss government.
Once the bureau is fully operational,
Tajik financial institutions and other potential participants such as mobile
operators and utility companies will have timely access to accountable
and objective information on borrowers, which could allow them to reduce
loan processing time and credit defaults and lend to more small and medium
“The National Bank of Tajikistan is
interested in improving the borrowers’ assessment mechanisms and developing
a credit information sharing system. We intend to establish transparent
and reliable credit relations between the creditors and the borrowers,”
said Jamshed Yusufiyon, Deputy Chairman of the National Bank of Tajikistan.
“We hope to continue our fruitful collaboration with IFC in improving
internal regulations to stimulate financial institutions to become active
members of Credit Information Bureau Tajikistan.”
Nicolas Guigas, Deputy Country Director,
Swiss Cooperation Office in Tajikistan, said, “Supporting the development
of small enterprises by providing long-term and sustainable access to finance
is a priority for the Swiss government in Tajikistan. Credit Information
Bureau Tajikistan is a proper mechanism for credit information sharing
to facilitate expansion of access to credit in the country.”
IFC has been supporting the financial
sector’s desire to create an appropriate environment for a private credit
bureau since 2007. Initiated by an IFC working group with representatives
from financial institutions and commercial banks, National Bank of Tajikistan,
Banking Association of Tajikistan, Association of Microfinance Organizations
of Tajikistan, and other international organizations held extensive consultations
during 2009–2010. As a result of this activity, Tajikistan adopted new
legislation that encouraged 98 percent of Tajik financial institutions
to become part of a credit information-sharing process.
As the next step, IFC will help Credit
Information Bureau Tajikistan select a technical partner and support its
This initiative is part of the Azerbaijan-Central
Asia Financial Markets Infrastructure Advisory Services Project, funded
by government of Switzerland.
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 capital for private enterprise,
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
The Swiss government aims to assist
and financially support partner countries in creating basic regulatory
and economic policy conditions to enable business to flourish and benefit
all. Switzerland is represented 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.tj