Azernews.Az

Nine Azerbaijani banks have expressed their interest to become shareholders of the first private credit bureau, established in Azerbaijan with the support of the International Finance Corporation (IFC), a member of World Bank Group.

With their participation, the first meeting of the bureau's executive committee has been held, IFC project coordinator to strengthen the financial infrastructure in Central Asia and Azerbaijan (ACAFI), Teymur Heybatov, told Trend news agency on Monday.

"During the meeting the participants discussed the legal framework that will regulate the activities of credit bureaus in the country. A special law is being drafted for this purpose," Heybatov said.

Development of the draft law regulating the work of private credit bureaus is due to be completed by late October. The Central Bank of Azerbaijan and IFC have agreed to sign a roadmap for improving the legislation on credit information sharing.

A working group composed of three representatives of the IFC and two representatives of the central bank has been set up to prepare the bill.

"Within a few days a Memorandum of Understanding is expected to be signed. The memorandum will be signed individually with each of the banks - potential participants of the bureau, but in the future the possibility of expanding the ranks of shareholders is not ruled out," Heybatov said.

A centralized credit registry, which formed the basis of the loans granted by banks and non-bank lenders, has been operating since 2005 under the Central Bank of Azerbaijan.