Creditinfo Group, an Iceland-based operator of credit reporting firms in 25 markets worldwide, recently launched a credit bureau in Azerbaijan that it co-owns with 21 financial institutions in the country. The International Finance Corporation (IFC), a member of the World Bank Group, participated in developing the Azeri firm.
Data provided by the new organization is expected “to boost access to finance for borrowers, including small and medium enterprises.” Creditinfo CEO Reynir Grétarsson said, “It will have credit history profiles from leasing as well as non-traditional creditors like telecommunication companies, trade credit and utility payments.” Aliya Azimova, the IFC Country Representative in Azerbaijan, said it “will help reduce default rates.”
Azerbaijan became a member of IFC in 1995. As of 2016, IFC has 184 member countries and reported total assets of USD 90 billion.
By Phoebe Rorke, Research Associate
Sources and Additional Resources
IFC:
IFC Helps Launch Azerbaijan’s First Credit Information Bureau to Boost Access to Finance
Creditinfo:
Home Page
Creditinfo to power Azerbaijan’s First Credit Information Bureau
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