IFC hosted the first roundtable in Bishkek to discuss the draft law with representatives of the government and financial sector. The discussion covered best practices on regulation of credit bureaus and the development of credit information sharing in the country. As a key outcome, participants’ suggestions will be consolidated and recommended for inclusion in the draft law.

“There is a unique situation in the Kyrgyz Republic—we have an operating credit bureau whose development is slowed by the absence of guiding legislation,” said Alisher Sabirov, Member of Parliament and co-author of the draft law. “The new law on credit bureaus will help fill the gap and create a more favorable legal environment for credit information sharing development in the Kyrgyz Republic.”

Anastassiya Marina, IFC Project Manager, said, “A credit bureau, an integral component of the financial infrastructure, is critical to expanding access to credit for people and small businesses. IFC is initiating this discussion to help align legislation with international standards and facilitate adoption of this law.”

This initiative is part of the Azerbaijan-Central Asia Financial Markets Infrastructure Advisory Services Project, funded by Government of Switzerland. The project aims to strengthen the system of sharing credit information and introducing formal education in risk management and certification for financial institution employees. It also helps increase public awareness of the benefits of credit information sharing systems along with risk management.

IFC is the only international financial institution focused exclusively on the private sector, the engine of sustainable development in emerging markets. Along with IBRD, it is currently seeking a capital increase to strengthen its ability to create opportunity for the poor in developing countries—including by developing financial infrastructure to expand access to finance for people and small business.