Tashkent, Uzbekistan, December 1, 2011 — IFC, a member of the World Bank Group, is helping financial institutions in Uzbekistan to improve their credit underwriting practices, facilitating lending to entrepreneurs and businesses, especially the small and medium enterprises that drive the country’s economy.
IFC, in partnership with SAIPRO Information Rating Agency, launched a two-day seminar on how banks can use automation, scoring, and credit bureaus in their loan operations. Industry experts, including representatives from Italy’s CRIF and Iceland’s CreditInfo Solutions, discussed best practices in credit information exchange. Over 80 participants from the financial industry attended the seminar.
“This initiative is an important next step following Uzbekistan’s new law on credit information exchange, which was adopted in October 2011 with IFC’s support,” said Ravshan Djuraev, General Director of SAIPRO. “The training will enable participating financial institutions to expand their financial services for small and medium enterprises, and individual clients, and help leading international credit bureaus who are interested in Uzbekistan’s market identify potential partners.”
This initiative is part of the IFC Azerbaijan-Central Asia Financial Markets Infrastructure Advisory Services Project, implemented in partnership with Switzerland’s State Secretariat for Economic Affairs, SECO. The IFC project is working to strengthen financial markets in the region by improving credit information systems, risk-management practices, and training, as well as by facilitating distressed loan resolution.
“Effective scoring and automation tools enable financial institutions to increase volume while decreasing expenses and non-performing loans,” said Fabrizio Fraboni of IFC’s Global Credit Bureau Program. “Adopting best international practice in credit underwriting helps banks to improve operational efficiency and enhance the quality of their loan portfolios.”
Uzbekistan became a member of IFC in 1993. As of July 2011, IFC has committed $77 million of its own funds and mobilized an additional $12 million to support private sector development in Uzbekistan.
IFC, a member of the World Bank Group, is the largest global development institution focused exclusively on the private sector. We help developing countries achieve sustainable growth by financing investment, providing advisory services to businesses and governments, and mobilizing capital in the international financial markets. In fiscal 2011, amid economic uncertainty across the globe, we helped our clients create jobs, strengthen environmental performance, and contribute to their local communities—all while driving our investments to an all-time high of nearly $19 billion.