IFC, a member of the World Bank Group, over 20 local financial institutions and Creditinfo have teamed-up in launching Azerbaijan’s first private credit bureau to enable local financial institutions to better share credit information, manage lending risks, and boost access to finance for borrowers, including SMEs.

The shareholders – 21 local financial institutions and Creditinfo – agreed to the establishment of a private credit bureau in Baku today. This is a project that IFC and Creditinfo have been working on and facilitating for several years.

Azerbaijan is ranked 118th in the Getting Credit indicator in the World Bank Group’s Doing Business 2017 report. The bureau is expected to make it easier for financial institutions to grant credit and promote more responsible lending practices. Borrowers will have a right to give consent to share their loan information with the credit bureau.

Source: Creditinfo Chronicle