Azerbaijan, Baku/ Trend corr. I. Khalilova / The National Bank of Azerbaijan (NBA) has launched negotiations with international organizations with the object to attract financial aid for further improvement of the Centralized Credit Register of the Country, which is acting within NBA.
Within the preparation for a new project sponsored by the World Bank (WB) on modernization of the financial sector of Azerbaijan, NBA has already appealed to the financial institution with an idea to introduce the second phase of the development of the credit register into the mentioned project.. "WB experts with great interest treated it on the initial stage, and gave their consent on the preliminarily one, but, due to the financing will b implemented within the WB country strategy, then, it is necessary to first discuss this issue with the Government of the Country," a source in NBA said.
NBA has put forward to introduce this orientation within its cooperation with the USAID (United States Agency for International development) as well. The Agency has already financed the visit of a consultant for conducting diagnostic review and survey to determine further ways of the development of the credit register. The recommendations prepared by him, have already viewed, and NBA hopes on further cooperation in this issue.
The Centralized Credit Register of the Country was found within the WB Project - "Technical Aid to Azerbaijan's Financial Sector" in March, 2005. The credit register is one of the instruments of governing credit risks of banks operating in the country.