Tashkent, Uzbekistan (UzDaily.com) -- A roundtable dedicated to discussing changes to legislation on microfinancing (Law “On microfinancing”, Law “On microcredit organizations”, Law “On credit unions”) were held in Charvak resort in Tashkent region.

The event has been organized by UNDP “Support to Development of Microfinance Sector”, project of German Society for International Cooperation (GIZ) on microfinance development.

Among the participants were representatives from the Cabinet of Ministers, Central Bank, the Ministry of Justice, the National Association of Microcredit Organizations and Credit Unions, the Association of Credit Unions of Uzbekistan and other organizations.

Central Bank of Uzbekistan said it is planned to introduce following changes and amendments to the law “On microfinancing”:

• Disclose information by organizations, rendering microfinance services, on effective interest rates on microloans, microcredits and microleasing, which will help inform debtors and make easier for them to select right product.
• Provide right to clients to refuse from microfinancing service after signing agreement and before receiving money without any fines or additional payments;
• Provide right to clients on repayment of all payments on microleasing ahead-schedule without fines or any additional payments;
• Ensure confidentiality of information on accounts and client operations, etc.

It is also planned to introduce changes to law “On microcredit organizations” directed at harmonizing activities of microcredit organizations in line with international standards, expand their business and capital for development of small and private businesses, etc.

Changes and amendments to the Law “On credit unions” are directed at intruding new recommendations of Basel committee on Supervision Improvement over activity of non-banking credit organizations, ensuring further development of credit union system.