Individual counseling of members of consortium on first credit bureau in Azerbaijan finishes today
Baku, Fineko/abc.az. On the basis of arrangements with the Central Bank of Azerbaijan, the International Finance Corporation (IFC) is finishing consultations on introduction of the institute of credit bureaus in the country, organized by the IFC project on Azerbaijan-Central Asia Financial Markets Infrastructure (ACAFI).
ACAFI head Teymur Heybatov informed of today’s completion of individual counseling launched yesterday with the 10 local organizations that have declared intentions to enter the consortium and sign the memorandum of understanding (MoU) on the first credit bureau.
"In general, the consultation process is on schedule, and tomorrow (July 5) it will be held behind-closed-doors first general meeting of potential members of the consortium," Heybatov said.
In May ACAFI sent a draft MoU on bureau establishment to the representatives of banks, nonbank credit institutions (NBCI) and leasing companies.
In the accompanying letter it asked its potential partners to express before 4 June their attitude to the prospects of their participation in the formation of the first credit bureau in the country. This will not only enable to determine the range of potential partners who are really interested in the creation of credit bureaus, but also to assess their possible investment in the establishment of the bureau.
ACAFI did not make an exception for any bank, leasing company or NBCO. All of them received the draft MoU and a letter of appeal.
"We strive to make the process of forming the consortium on bureau creation as transparent as possible. Formation of the consortium started before the completion of work over the law so as by the time of the enactment of the Law on Credit Bureaus there would be a workable group on its creation,” Heybatov said.
This April the CBA, IFC and ACAFI agreed on creation of a road map on improvement of the legislation in order to create a legal framework for activity of private credit bureaus. International experts, reps of the CBA Legal Department and other experts will be involved in its development.
The road map on development of legislation will be one of two directions in preparation for establishment of private credit bureaus in the country.
In autumn 2011 the Azerbaijan CB took a pause in this process to reconsider its concept and implementation course. The pause was an opportune moment as later the government set the task to work out "Azerbaijan 2020" development concept where the central role was given to financial sector.
At that moment a draft law on credit bureaus was prepared within ACAFI, and there was a scheme of creation of a bureau with involvement of a foreign vendor.
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