The seminar was organized by the Central Bank of Uzbekistan at the assistance of the Agency on development of financial sector. It was attended by representatives of credit unions of Uzbekistan.

Participants considered such issues as organization of internal control at the off-banking credit organizations, trends in credit union system, financial reporting, analysis of credit unions’ activities, etc.

Attendees shared their views on further strengthening of credit unions’ system, improving legislation and regulation of credit unions’ activities.

Currently, creation of mechanism on reliable and secure centralized storage and exchange of information on debtors of credit unions is underway. The system is created within the project “Development of small and microfinancing” and it involves National Credit Information Institute under the Central Bank of Uzbekistan.

Agency on development of financial sector implements ADB project “Development of small and microfinancing”. The project was included into investment programme of Uzbekistan. Central Bank said the project directed US$2 million to satisfy demand of farmers in microcredits in 2009 through Agrobank.

The ADB Board approved a second credit line for development of small and microfinancing in May 2009. The agency is holding negotiations with the ADB to speed up opening of the credit line.