The event was organized by the International Finance Corporation (IFC) in cooperation with the Central Bank of Uzbekistan and the Institute of Forecasting and Macroeconomic Research.

The seminar drew some 40 representatives from ministries, state agencies, banks, and credit unions, as well as other interested organizations of Uzbekistan.

The financial sector is a key to the growth of the real sector in Uzbekistan. As of 1 October 2010, the aggregate amount of bank loans in the basic sectors of the economy stood at about 11.4 trillion soums, and loans to small businesses and entrepreneurs stood at 2.1 trillion soums. At the same time there are potential for further improvement.

"An effective credit information-sharing system is key to increasing access to finance for small enterprises. Credit information sharing enables faster processing of credit applications, interest rates, and collateral requirements," said Galina Saidova, First Deputy Minister of Economy of Uzbekistan.

Representatives from the National Institute of Credit Information of the Central Bank and Interbank Credit Bureau, under the Uzbekistan Banking Association, presented reports on existing credit-sharing infrastructure in the country. Tony Lythgoe, Head of IFC Global Credit Bureau Program, shared international experience in the field and made specific recommendations for Uzbekistan.

Takuya Kamata, World Bank Country Manager in Uzbekistan, said: "Developing financial infrastructure, improving the private sector, and diversification economic activity in the country is a priority for the World Bank Group in Uzbekistan."

Since December 2009, IFC, in partnership with the Swiss government, has been implementing a project to strengthen the financial infrastructure in Uzbekistan. One of the main goals of this project is to develop a credit information sharing system and thereby improve access to finance for entrepreneurs and small enterprises in Uzbekistan.