Finance

Finance

IFC presents new project in Azerbaijan

10 December 2009 11:15 (UTC +04:00)

Baku. Nijat Mustafayev â€“ APA-Economics. IFC, a member of the World Bank Group, has held a presentation of a three-year project to strengthen financial market infrastructure and improve access to finance for small and medium enterprises in Azerbaijan.

In addition to Azerbaijan, the project is also being implemented in Kyrgyzstan, Tajikistan and Uzbekistan

IFC will work with the government and financial institutions to establish and strengthen credit information sharing and introduce formal education in risk management and certification for financial institution employees, said IFCâ€™s project specialist Teymur Heybatov.

It also will help increase public awareness on the benefits of credit bureau. This initiative is part of the Azerbaijan-Central Asia Financial Markets Infrastructure Advisory Services Project.

Well-developed and effective credit information sharing systems are critical to expanding access to credit for both individuals and small businesses. Credit bureaus allow financial institutions to get timely, credible, and objective information on borrowers, which could allow financial institutions to reduce loan processing time and credit defaults.

IFC, a member of the World Bank Group, creates opportunity for people to escape poverty and improve their lives and fosters sustainable economic growth in developing countries by supporting private sector development, mobilizing private capital, and providing advisory and risk mitigation services to businesses and governments.