The Corporation informed that working out of the project had been completed, the report said.

“The project managers in each of the countries have been defined but its practical realization will start immediately after the Swiss State Secretariat for Economic Affairs (SECO) makes a decision on its financing,” the IFC says.

This May, Tanya Lozansky, general manager of IFC consulting programs in the region, emphasized that application for financing had been made.

The project is aimed at supporting credit bureaus, modernizing risk management practice.

Originally three directions of the project (assistance in development of financial markets’ infrastructure, research of financial organizations and certification of risk management services) were under consideration. Within the project it might be also rendered assistance in development of credit bureaus, expansion of using the information containing in bureaus by banks as well as increasing the ability to use this information while risk management.

The project will be realized through IFC Global Programme on Credit Bureaus.

Earlier the work on assistance to credit bureaus in the region was started within IFC Azerbaijan-Central Asia Leasing Facility Advisory Services Project, funded by the SECO.

The IFC launched the initiative in 2008 to develop legislation related to sharing credit information in Azerbaijan and Central Asia. In November 2008, the IFC conducted seminars and discussions on the development of credit bureau legislation and best practices to help explain the necessity of sharing credit information. More than 200 representatives from government agencies and the financial sectors of Azerbaijan, Kyrgyz Republic, Tajikistan, and Uzbekistan participated in the events.

As a result of IFC’s efforts, discussions with key stakeholders in Tajikistan have helped finalize the country’s credit bureau law, which was sent to parliament in November. In the Kyrgyz Republic, IFC’s seminar was the main catalyst for establishing a working group on credit information systems that will work to develop necessary legislation in the country. For Azerbaijan and Uzbekistan, IFC recommended credit bureau laws which are now being reviewed by the governments of each country.