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Posted: January 26, 2013 in Economy and Resources

Dushanbe, Tajikistan, January 10, 2013—IFC, a member of the World Bank Group, supported Tajikistan’s first private credit bureau in acquiring a license from the central bank, helping the country strengthen financial market infrastructure and improve access to finance for small and medium enterprises, and entrepreneurs.

The National Bank of Tajikistan in December issued a license to the Credit Information Bureau Tajikistan, enabling it to become the first private credit bureau in the country and start credit information sharing services. From now on, it is officially authorized to start collecting information on borrowers from Tajik financial institutions.

This initiative will enable Tajik financial institutions and other potential participants such as mobile operators and utility companies to have timely access to accountable and objective information on borrowers, which could allow them to reduce loan processing times and credit defaults, and lend to more small and medium enterprises.

“Launching a bureau of credit histories plays an important role in enhancing the sustainability of the whole banking system,” said Abdujabbor Shirinov, Chairman of the National Bank of Tajikistan. “The credit bureau will help financial institutions get credible information on borrowers and reduce credit defaults.”

via IFC Home.

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