The agreement between IFC and the Credit Information and Analytical Center lays out the selection of a partner via a transparent and fair bidding process, which IFC will help structure.

Throughout the process, IFC will serve as an “honest broker,” providing unbiased knowledge and expertise to help the decision-makers take smart decision. The partner will be chosen from a handful of leading international credit bureaus keen to bring their business expertise to Uzbekistan.

Based in Tashkent, the Credit Information and Analytical Center is a new entity, created from a private credit bureau in light of the adopted 2011 law of the Republic of Uzbekistan, “On sharing of credit information.” A partnership with a strategic foreign technical vendor has in recent years emerged as an invaluable tool for strengthening new credit information sharing bodies.

Bringing knowledge, experience, and tested expertise, such partners often jumpstart a credit bureau’s operations, boosting the number and percentage of loans granted and slashing defaults and the collateral needed for approval. They also help cut interest rates, spurring greater access to finance, particularly for SMEs.

“We are ready to increase the effectiveness of our credit bureau’s operations by using best international practices, and welcome IFC’s initiative in this direction,” said Muzaffar Salomov, Acting General Manager of the Credit Information and Analytical Center.

"IFC provided support in the creation of a regulatory framework for credit information sharing in Uzbekistan. The conclusion of this agreement is the next step in putting the ideas that were behind the regulation into practice," said Moazzam Mekan, IFC Regional Manager, Central Asia. "IFC will continue to support development of the credit information sharing system in Uzbekistan in accordance with the best international expertise."

The initiative is part of IFC’s Azerbaijan and Central Asia Financial Infrastructure Project, which is implemented in partnership with Switzerland’s State Secretariat for Economic Affairs (SECO). It aims to strengthen the financial infrastructure in Uzbekistan by developing credit information sharing.