Meeting date of potential shareholders of first private credit bureau in Azerbaijan chnged

Business Materials 1 August 2012 13:23 (UTC +04:00)

Azerbaijan, Baku, August 1 /Trend A.Hasanov/

The International Finance Corporation (IFC) extended the deadlines for submitting application by banks in the process of creating the first private credit bureau in Azerbaijan from July 31 to August 2, IFC's project coordinator on strengthening of financial infrastructure in Central Asia and Azerbaijan (ACAFI) Teymur Heybatov told Trend on Wednesday.

"It is expected to sign a memorandum of understanding after the formation of potential shareholders of the Bureau," Heybatov said.

Given that not all banks wishing to participate in the creation of a credit bureau were able to send an application to the corporation the periods have been changed, Heybatov said.

"The first meeting will be held on August 6, we will forward a draft memorandum to banks, which have expressed a desire to become shareholders of the first private credit bureau," Heybatov said. Earlier, the meeting was scheduled for August 5.

It is planned to discuss legislative issues at the meeting of the potential shareholders. The development of the draft law, regulating the activities of private credit bureau, will be completed by the end of October.

Central Bank and Financial Corporation agreed to sign a road map for improving the legislation on credit information sharing. A working group composed of three representatives of the financial corporation, and two representatives of the Central Bank was created for the development of the bill.

A centralized credit registry, which formed the base of the credits granted by banks and non-bank lenders, has been operating since 2005 under the Central Bank of Azerbaijan.