Italian CRIF buys 35% of the share capital of the Uzbek Credit Office

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The Analytical Information and Credit Centre at the Association of Banks of Uzbekistan and the CRIF Credit Institute have signed an agreement. The Italian partner will contribute to the development of the country's financial infrastructure, with the objective of simplifying the access of natural and legal persons to sources of credit.

"CRIF buys 35% of the share capital of the Uzbekistan Credit Office and the credit agencies of two countries will set up a joint venture", commented Director General of the Uzbek Bank Association Bakhtiyar Hamidov during the press conference.
According to the Director of the Association, Uzbekistan needs a proper assessment of the financial conditions to increase the flow of direct investment in the country. The presence of private investment needs to be increased, as most investment is currently attracted at government level.

"The IFC has assisted the partner selection process, we will also assist in building a new company, provide technical assistance to improve the business environment in the country. If necessary, we can help to improve the regulatory situation. This will depend on the type of problems faced by private investors operating in Uzbekistan. We will evaluate all of them and recommend local partners as improving conditions," said IFC representative Mai Nguyen.

"CRIF will provide a range of tools and services to risk managers working in the banking sector. It is assumed that the CAIC will become a major hub containing all the information on the activities of the banking and financial sector. Strengthening the automation of processes during cooperation will also reduce the costs of the banking sector. An important aspect of the agreement is that CRIF as a partner will not only work with credit agencies, but will also work with commercial banks, contributing to their development", - said Fabrizio Fraboni, the leading expert in the financial sector of the World Bank Group. (Mercurpress)

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