The Credit Information Bureau in Tajikistan has been launched by the International Finance Corporation (IFC), the investment arm of the World Bank; the National Bank of Tajikistan, the country’s central bank; and the Swiss government as part of the Azerbaijan-Central Asia Financial Markets Infrastructure Advisory Services Project, which is funded by the Swiss government. Six microfinance institutions (MFIs), four commercial banks and the Association of Microfinance Organizations of Tajikistan have become shareholders. No information as to which MFIs and banks have taken shares is available. According to a press release, IFC has been working with financial institutions, commercial banks, the National Bank of Tajikistan, the Banking Association of Tajikistan, the Association of Microfinance Organizations of Tajikistan and other international organizations since 2007 to create an “appropriate environment” for this credit bureau. These efforts have led Tajikistan to pass legislation encouraging 98 percent of Tajik financial institutions to take part in credit information-sharing.
By Christopher Maggio, Research Assistant
About
International Finance Corporation (IFC)
Description
A member of the World Bank Group, the International Finance Corporation (IFC) uses loan and debt securities, equity investments and guarantees with the intent of alleviating poverty. It invests in financial institutions and other companies in emerging markets as well as providing technical assistance. The IFC has 182 member countries that “collectively determine its policies, and approve investments.” In fiscal year 2009, its new investments totaled USD 14.5 billion.
About
Credit Information Bureau in Tajikistan
Description
The Credit Information Bureau in Tajikistan is, according to the IFC, the first credit bureau in Tajikistan. It was initiated in 2010 by the International Finance Corporation (IFC), the investment arm of the World Bank; the National Bank of Tajikistan, the country’s central bank; and the Swiss government as part of the Azerbaijan-Central Asia Financial Markets Infrastructure Advisory Services Project, which is funded by the Swiss government. It is unspecified whether IFC and the National Bank of Tajikistan have also provided funding. Its other shareholders include six microfinance institutions (MFIs), four commercial banks, and the Association of Microfinance Organizations of Tajikistan. As of April 30, 2010, no information as to which MFIs and banks have taken shares has been made available.
Additional Resources
IFC press release entitled ‘IFC, Partners Launch Tajikistan’s First Credit Information Bureau’: http://www.ifc.org/ifcext/media.nsf/content/SelectedPressRelease?OpenDocument&UNID=E5EB2D0A110B5DD1852577140057BA6F
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