The given training was organized by the joint project of the Central Bank of the Republic of Uzbekistan and the United Nations Development Programme “Support to Microfinance Sector Development”, in partnership with GTZ “Assistance to Microfinance Sector Development in Central Asia” project, International Finance Corporation (IFC) Azerbaijan-Central Asia Financial Markets Infrastructure Advisory Services Project (ACAFI) implemented in partnership with the Government of Switzerland, as well as with the support of International In-Service Training Centre for Journalists.

Given the substantial demand for financial services in Uzbekistan and the pace of microfinance sector development, as well as the recent initiatives aimed at strengthening the microfinance sector and credit information sharing systems, particularly, a creation of relevant legal framework, continuous capacity building of financial institutions, and most importantly, targeted awareness campaign on the social impact of microfinance and the necessity of credit information sharing systems – all require a wide and effective informational and analytical support of mass media. In fact, there is a need for timely provision of accurate and reliable information, as well as valuable knowledge on the new developments and achievements in the financial sector to the mass media.

Therefore, the given training was aimed at stimulating and supporting the development of economic journalism in Uzbekistan, as well as increasing the awareness and understanding of key microfinance concepts and credit information sharing systems among the local and regional journalists.

It is necessary to note, that effective credit information sharing systems are critical to expanding access to credit for both population and small business. In timely manner, credit information sharing institutions provide financial organizations with data about their clients. That allows banks, microfinance and other organizations to reduce loan processing time and credit defaults.

Over the course of the training, the experts familiarized the journalists with the concept and leading world best-practice, as well as the role of microfinance in welfare improvement. The speakers also presented the latest data on the current state of microfinance in Uzbekistan, on the latest trends and new developments occurring within the sector. A particular attention was given to the concepts of financial awareness and the promotion of the social role of microfinance in the society. The representatives of mass media, also obtained a valuable information on the international practice and current state of credit information sharing systems in Uzbekistan, and its impact on credit inflow to the economy, including the general population and small business.

“Credit information sharing is especially important in the microfinance sector, where costs of getting data about potential borrowers are significant in comparison with the sum of a requested credit. Credit information sharing allows to reduce such costs, and thereby decrease overall credit costs and increase credit volume. For example, after the creation of a credit bureau in Ecuador, microfinance portfolio increased from US$167 million in 2003 to US$1.5 billion in 2009”, said Arif Nasibov, IFC Project Officer.

Considering the actuality and development pace of microfinance and credit information sharing system, the training was primarily targeted at educating the representatives of mass media both from Tashkent and all the regions of Uzbekistan.

The training was conducted in an interactive manner, and the speakers utilized case studies, particularly, exercises on covering economics and finance, as well as a practical press-conference with the experts on the issues of financial sector, thus allowing the participants to apply their knowledge to practice. In fact, the participants obtained not only theoretical knowledge, but also practical skills, and an opportunity to participate in an open dialogue on the issues of microfinance and credit information sharing system with the leading experts of the sector.

By the end of the training the organizers awarded the participants with the certificates. Besides, the organizers announced a nationwide media contest on the best journalistic material related to microfinance, credit information sharing system, implementation of State programme on microfinance sector development for 2010, and financial education initiatives that will go through 1 September 2010.