In other words, availability of such reports with analysis and benchmarking of microfinance provides substantial basis for the sector transparency, establishing productive networking and cooperation between MFIs and investors, as well as the remaining participants of microfinance sector such as public and private foundations, MFI networks, raters and evaluators, and governmental and regulatory agencies.

This report was prepared by the NAMOCU with support from the SDMS project and Microfinance Information Exchange (MIX), which is the leading international business information provider dedicated to strengthening the microfinance sector. It should be noted that creation and updating of MFIs’ web-profiles is the prerequisite for conducting analysis and preparation of a benchmarking report using a unique methodology and database of the MIX on other counties with the same or similar development characteristics. Therefore, the SDMS project have provided various relevant trainings and other extensive support to the MFIs interested in reporting to the MIX Market in collaboration with national and international partners., In fact sixteen more MFIs provided their financial reports to the MIX Market in 2010, and subsequently the number of registered Uzbek MFIs on MIX Market now reaches 21, including “Mikrokreditbank”.

Throughout the workshop speakers have demonstrated their presentations, prepared on basis of the “Microfinance Analysis and Benchmarking Report. As a result, participants were briefed on the report’s content, namely information about participants of Uzbekistan’s MFI sector, national legal and regulatory environment, dynamics of outreach and scale of the provided microfinance services, comparison of Uzbekistan’s MFI sector development with other Central Asian countries, availability of funding for MFIs in Uzbekistan as well as market share analysis of various financial institutions with regard to microfinance services, financial performance of the national microfinance sector with other countries in the region using various financial indicators adopted through the MIX methodology and further outlook for future development of the sector. The report is also distinguished by its thorough analysis of the covered matters, highlighting the cause-effect relationship between historical facts and achievements or unrealized potential of the sector.

Besides, with an aim to further improve the accounting in non-bank credit organizations along with methods for regulation and supervision of their activity the SDMS project has been providing support to the CBU and NAMOCU in the development of amendments to the normative acts of the CBU, regulating the activity of microcredit organizations, according to the President’s Resolution #1438.

Thus, following the presentation of the report the proposed amendments into normative documents were discussed with specialists of the CBU and NAMOCU, representatives of MFIs and international organizations. The feedback received from discussion will be taken into consideration during the revision of the draft amendments by members of the working group under the CBU.