IFC helps Tajik banks and microfinance institutions become more sustainable
Azerbaijan, Baku, Nov. 11 / Trend /
International Finance Corporation (IFC) jointly with the Global Association of Risk Professionals (GARP) will help the Tajik banks and microfinance institutions become more sustainable and offer greater financial products and services by strengthening their risk management capacity and practices.
Manager of the IFC Azerbaijan-Central Asia Financial Markets Infrastructure (ACAFI) project in Tajikistan, Ms. Zarrina Odinayeva stated about this at a news conference in Dushanbe this week, The Times of Central Asia reported.
She said the IFC and GARP signed an agreement to develop a formal risk management education and certification program that will be implemented for the first time in nine post-Soviet countries including Armenia, Azerbaijan, Georgia, Kyrgyzstan, Moldova, Russia, Tajikistan, Ukraine and Uzbekistan, The Times of Central Asia reported.
"The program is dedicated to train employees from local financial institutions to reduce vulnerabilities of local institutions to future financial shocks," Ms. Odinayeva noted.
She said the collaboration between IFC, GARP and local training partners in bringing this Risk Certification Program to the region will provide risk managers and other financial professionals with an opportunity to prepare and take exams under the auspices of an internationally recognized certification program in their own countries. This will allow strengthening the financial risk management culture and climate in the region.
This initiative is part of the IFC Azerbaijan-Central Asia Financial Markets Infrastructure Advisory Services Project and the IFC Financial Markets Crisis Management Project, funded by the governments of Austria, Switzerland, Finland and the Netherlands. These Projects aim to strengthen financial markets in the region through strengthening credit information systems, risk management practices and education as well as facilitating the distressed loan resolution.