BAKU, Azerbaijan, Apr. 14
By Ilkin Seyfaddini – Trend:
International Finance Corporation (IFC), a member of the World Bank Group, held a webinar on stress-testing for Uzbekistan’s financial institutions as part of its response to the impact of the COVID-19 pandemic, Trend reports with reference to IFC.
Seven local banks participated in the online session aimed at equipping them with knowledge and tools to urgently respond to unforeseen disruptive events. This online session is part of a webinar series for client financial institutions in Kazakhstan, Kyrgyzstan, Tajikistan, Montenegro, and Serbia; providing a platform for expert-opinion sharing and discussions.
"Stress-testing framework is a powerful tool to protect businesses and build sustainable operations in challenging times. It aims to assess how banks will fare if the economy took a turn for the worse, determine how much capital will be needed to fill gaps in bank balance sheets, and provide transparency on risk profiles of banks, thus fostering market discipline and raising market confidence", the message said.
“IFC is moving quickly to cushion the COVID-19 pandemic’s economic blow by supporting client businesses and financial institutions with a combination of financing and advisory. This webinar was put together by IFC to provide a set of practical tools and lessons learned from earlier crises, enabling our clients to survive and come out stronger from this situation,” said Cassandra Colbert, IFC Regional Manager for Central Asia.
The work is part of IFC Financial Institutions Group’s crisis response advisory efforts.
In 2018, IFC provided a senior loan of $15 million to Uzbek Ipak Yuli Bank. IFC is working with several of the country’s private banks to expand local currency lending to small businesses
International Finance Corporation — is the largest global development institution focused on the private sector in emerging markets.
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