OREANDA-NEWS. April 06, 2010. The Moroccan government has outlined an interest in the region of Azerbaijan and Central Asia.

The Baku-based office of the International Financial Corporation (IFC) reported that the Central Bank of Morocco had launched rendering assistance to the region in creation of private credit bureaus.

“Yesterday a group of reps from Azerbaijan and Central left for Morocco in order to study experience in establishment of credit register and a credit bureau. This study tour was organized and supported financially by the Central Bank of Morocco,” the IFC office said.

The IFC in partnership with the Central Bank of Azerbaijan (CBA) had already conducted the first round table to discuss benefits of credit bureaus and has started creation of the first private credit bureau in the country with representatives of the government and financial sector. The event covered discussions of best practices on regulation of credit bureaus, presentation of the local Draft Law on Credit Bureaus and further development of exchange system of credit information in the country. As a key outcome, participants of the round table agreed to create a task force on establishing and developing private credit bureaus in the country.

“The CBA is interested in improving the borrowers’ assessment mechanisms and developing credit information sharing system in banks and other credit institutions, as well as establishing transparent and reliable credit relations between the creditors and the borrowers.  We are ready to support project of IFC, aiming at achieving these objectives,” CBA CEO first deputy Alim Guliyev said.

“A credit bureau, an integral component of the financial infrastructure, is critical to expanding access to credit for people and small businesses. We hope the task force on the establishment of the first private credit bureau in the country will become an engine in further strengthening credit information sharing and, as a result, facilitate expansion of access to credit in the country,” IFC project manager Anastasiya Marina said.

This initiative is part of the Azerbaijan-Central Asia Financial Markets Infrastructure Advisory Services Project, funded by the Switzerland government. The project aims at strengthening the system of sharing credit information and introducing formal education in risk management and certification for employees of financial institutions. It also helps increase public awareness about the benefits of credit information sharing systems along with risk management.