First credit bureau shareholders in Azerbaijan to choose international partner

Business Materials 21 September 2012 15:10 (UTC +04:00)

Azerbaijan, Baku, Sept. 21 / Trend A. Hasanov /

Potential shareholders of the first private credit bureau will start discussing the issue of choosing an international partner who will supply software to the bureau.

The IFC project coordinator, who is strengthening the financial infrastructure in Central Asia and Azerbaijan Teymur Eybatov, told Trend that this issue will be discussed at the meeting with the participation of nine banks that are potential Bureau shareholders on Oct. 3 this year.

IFC has already started sending out invitations to potential international partners to seek their willingness to work in Azerbaijan.

Training and a study tour in Europe will be held to familiarise potential shareholders with private credit bureaus in other countries.

The representatives of the Azerbaijani banking sector will participate on November 5-9 at the fourth annual training in Malaysia organised by the Central Bank of Malaysia and the IFC.

In addition, the private credit bureau will need two to three years to create its own database, so it is proposed to use the base available to a central credit register in the CBA which has been in force since 2005.For this purpose, the talks on tariffs are being held with the Central Bank.

The ACAFI project aims to improve the infrastructure of financial markets in Central Asia (Kyrgyzstan, Tajikistan and Uzbekistan) and Azerbaijan through the creation of an effective system of credit information sharing and introduction of training and certification in the field of risk management among employees of financial institutions.

The project's activities will help financial institutions to take more swift and sound credit decisions and thus 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 the Swiss government.