IFC will work with the Government, finance and credit organizations and institutions of sharing of credit information to develop and strengthen the system of sharing of credit information and introduce formal education in risk management and certification for financial institution employees. It also will help increase public awareness on the benefits of credit information sharing systems along with risk management. This initiative is part of the Azerbaijan-Central Asia Financial Markets Infrastructure Advisory Services project.

Shukhrat Haydarov, Deputy Chairman of the Central Bank of the Republic of Uzbekistan, said: "The government has taken serious measures to develop the system of sharing credit information in Uzbekistan. In particular, the National Institute of Credit Information of the Central Bank of Uzbekistan and Interbank credit bureau under Association of Banks of Uzbekistan were created. We welcome the new IFC project and look forward to joining our efforts to further improve the system of sharing credit information and respective legislation."

"Supporting development of small enterprises by providing long-term and sustainable access to finance is one of the priorities for Swiss government support in Uzbekistan," said Murat Mirzaev, Deputy Head of Swiss Cooperation Office in Uzbekistan. "The Project will help financial institutions make qualitative credit decisions in short time frames, increasing the availability of financial services for individuals and small enterprises in Uzbekistan."

"Access to finance is one of the foundations for private sector growth, stimulating economic activities and creating jobs. The Project reflects IFC’s strategy of strengthening financial markets infrastructure to better deliver sustainable and efficient financing for small business in Uzbekistan", said Anastassiya Marina, IFC Project Manager.

Well-developed and effective credit information sharing systems are critical to expanding access to credit for both population and small business. Institutions of sharing of credit information in timely manner provide to financial institutions credible and objective information, which allow them to reduce loan processing time and credit defaults of borrowers.

IFC is the only international financial institution focused exclusively on the private sector, the engine of sustainable development in emerging markets. Along with the IBRD, it is currently expanding 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.