IFC helps Uzbekistan’s financial institutions support SMEs

The International Finance Corporation (IFC), a member of the World Bank Group, is helping financial institutions in Uzbekistan to improve their credit underwriting practices, facilitating lending to entrepreneurs and businesses, especially the small and medium enterprises that drive the country’s economy. IFC in partnership with SAIPRO Information Rating Agency launched a two-day seminar on how banks can use automation, scoring, and credit bureaus in their loan operations.

Over 70 participants from the financial industry attended the seminar. Industry experts, including representatives from Italy’s CRIF, specializing in the management of credit reporting, business information and decision support systems, and Iceland’s CreditInfo Solutions, that covers credit risk information, risk management consultation and credit bureau solutions, discussed best practices in credit information exchange.

“This initiative is an important next step following Uzbekistan’s new law on credit information exchange, which was adopted in October 2011 with IFC’s support,” said Ravshan Djuraev, General Director of SAIPRO. “The training will enable participating financial institutions to expand their financial services for small and medium enterprises, and individual clients, and help leading international credit bureaus who are interested in Uzbekistan’s market identify potential partners.”

“Effective scoring and automation tools enable financial institutions to increase volume while decreasing expenses and non-performing loans,” said Fabrizio Fraboni of IFC’s Global Credit Bureau Program. “Adopting best international practice in credit underwriting helps banks to improve operational efficiency and enhance the quality of their loan portfolios.”

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