Tashkent, Uzbekistan (UzDaily.com) -- International Finance Corporation, a member of the World Bank Group and Central Bank of Uzbekistan conducted the first workshop in Uzbekistan on perspectives of development of credit bureaus in Uzbekistan. Through such events IFC is targeting to educate the financial sector and overall public as to the importance and means of building good credit repayment history to expand access to credit, strengthen repayment culture, and improve credit risk management, IFC said in a press-release.

Credit histories obtained from the credit bureaus enable to expand opportunities to finance of economy and most importantly, they serve to be an impetus to develop consumer loans, mortgage loans, SME financing. In the absence of well-functioning credit bureaus, credits from financial institutions to consumers and businesses could be expensive, time-consuming and risky.

"As a part of IFC’s global response to the financial crisis, IFC is reinforcing its work with credit bureaus which help lenders identify and avoid client’s over-indebtedness" said Anastassiya Marina, Project Manager, and IFC Azerbaijan-Central Asia Leasing Facility Advisory Services Project.

The workshop participants representing financial institutions such as banks, leasing and insurances companies along with representatives of the Parliament of Uzbekistan, and leading think tanks discussed draft Law “On Credit Bureaus” in Uzbekistan partly developed by IFC experts. In addition, IFC experts shared their knowledge on best international practices in developing effective system associated with exchange of credit information.

The workshop was conducted by the IFC Azerbaijan-Central Asia Leasing Facility Advisory Services Project financed by the Swiss State Secretariat for Economic Affairs (SECO).

IFC, a member of the World Bank Group, fosters sustainable economic growth in developing countries by financing private sector investment, mobilizing private capital in local and international financial markets, and providing advisory and risk mitigation services to businesses and governments. IFC’s vision is that people should have the opportunity to escape poverty and improve their lives. In FY07, IFC committed US$8.2 billion and mobilized an additional US$3.9 billion through syndications and structured finance for 299 investments in 69 developing countries. IFC also provided advisory services in 97 countries.