Azerbaijan, Baku, Feb. 16 / Trend N. Ismayilova /
The International Finance Corporation (IFC) and the Azerbaijani Central Bank (CBA) are working to create a legislative base for the private credit bureau, IFC representative in Azerbaijan Aliya Azimova told Trend on Thursday.
"The operations are held together with the Central Bank to amend existing legislation to ensure the proper legal framework for the private credit bureau," she said.
She added that it is necessary to discuss the new law's impact on personal data in a bill regulating the private credit bureau.
The private credit bureau requires 2-3 years to create its own database. For this purpose, negotiations on tariffs and other issues are held with the Central Bank.
The following scheme of activity is proposed. A private credit bureau will receive the information from the registry. The bureau will collect the data for communal services, telecommunications, leasing companies, and financial institutions to expand the scope of the analysis.
All of the information will be processed online.
The ACAFI project aims to advance the infrastructure of financial markets in Central Asia and Azerbaijan through the establishment of an effective credit information sharing system.
The project activities will help financial institutions to adopt more rapid, correct credit decisions and increase the availability of financial services to individual consumers and small and medium enterprises in the region. This three-year project is being
implemented in collaboration with Switzerland.