Azernews.Az

The bill on setting up a private credit bureau in Azerbaijan has been submitted to the Presidential Administration, Coordinator of IFC project on strengthening the financial infrastructure in Central Asia and Azerbaijan Teymur Eybatov told Trend news agency.

"Two meetings of the executive committee were held to create a private credit bureau together with the banks, potential shareholders of the first private credit bureau in the country which signed a memorandum of understanding," he said. "The bill on the bureau and other issues were discussed during the meetings."

"One of the decisions made at the last meeting of the executive committee, was to begin preparations for sending RFI (Request for Information) from technical partners on the intention to become a partner in the creation of a private credit bureau," Eybatov said.
This proposal will be sent to all operators of credit bureaus around the world. The process takes an average from 12 to 18 months.

The international partner will supply software to the bureau. Proceeding from its experience, the International Finance Corporation also proposes to offer a majority stake in a credit bureau to those who can manage it. This will reduce the risks in the work of the credit bureau and in particular exclude disputes between banks on certain issues.