The Credit Information Bureau of Tajikistan (CIBT), the nation's first credit bureau, has helped strengthen the nation's financial infrastructure and nurture development efforts in the private sector by helping small and medium-size enterprises secure financing, the World Bank said on Tuesday.
The World Bank has worked with the National Bank of Tajikistan in the drafting and implementation of credit sharing and other measures. Access to financing is incredibly important for the development of the private sector, the World Bank said.
While there is still work to be done, the creation of the credit bureau is a step in the right direction, the World Bank said.
"For financial institutions, the presence of the Credit Bureau is a great and progressive step forward because it provides an opportunity for a rapid assessment of the client," Mavsuda Vaisova, CEO of micro-deposit organization Khumo said. "As for the client, the bureau is also a very beneficial thing because if the customer has a good credit history, then he has a chance to get a quick loan without delay and also some benefits – a lower interest rate, perhaps with more favorable terms than for other clients."
The CIBT was formed in 2010, and operations began in 2013.