Azerbaijan to agree on business plan for first private credit bureau
Azerbaijan, Baku, May 14 / Trend N.Ismayilova /
A working group established under a project to improve financial infrastructure in Azerbaijan and Central Asia developed by the International Finance Corporation (IFC) will hold its second meeting next week, IFC Project Coordinator in Azerbaijan Tehymur Eybatov said.
"The first meeting considered a bill on credit bureaus and discussions will continue during the second meeting. The upcoming meting will also address a private credit bureau business plan and the results of an Azerbaijani delegation's visit to Morocco to study their experiences," he said.
The group includes representatives of banks, non-banking credit institutions, leasing companies, microfinance institutions, the Central Bank and the Economic Development Ministry.
He said a bill on credit bureaus will be submitted to parliament in 2010. Its minimum capital will exceed $1 million due to the high cost of software. Opening the bureau will take at least two years.
The financial infrastructure development project was launched Dec. 15, 2009.
The project will also render consulting services to help financial institutions improve policies.
The founders of the bureau can be banks, microfinance institutions, non-bank credit organizations, insurance and leasing companies.
The financial infrastructure project development is implemented with the support of the Swiss State Secretariat for Economic Affairs.
Since March 2005 a credit registry has operated at the Central Bank. Only banks have access.
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