Investment climate reform in tajikistan

Box 10: 

Introducing credit  

information bureaus

Best practices in the creation and maintenance of 

credit information systems include credit bureaus 

and registries to improve the efficiency of credit 

information sharing. The legal framework should 

include a law on the regulation of credit information 

bureaus and ensure that individuals and firms can 

inspect the information held on them upon request. 

This is particularly important for women, because they 

tend to do better when applying credit-scoring systems 

since they tend to be more risk-averse when it comes 

to obtaining finance (and they tend to take out smaller 

loans and for shorter periods), hence, they are less 

likely to take up bank credit lines. This seems to be 

even more the case in rural areas, where women will 

tend to work for others rather than risk taking on credit.

Tajikistan has made significant advances in this field, 

implementing the Law on Credit Histories (2009) and 

establishing regulations governing credit bureaus in 2010. 

In 2013 the Credit Information Bureau of Tajikistan (CIBT) 

was established, with the participation of the main banks 

and MFIs, and with the international company CRIF taking 

a 49 per cent share. Over 75 organisations collaborated 

in the creation of the national database on which the CIBT 

draws.

To ensure that women entrepreneurs are equally able to 

benefit, the collation of gender-disaggregated information 

is critical and sociocultural factors must not inhibit 

women’s ability to build up their own credit history. 

Source: 

http://www.worldbank.org/en/results/2015/04/28/tajikistans-first-credit-

bureau-for-private-sector-development

 (last accessed 29 November 2018).

Box 11: 

Introducing the movable 

asset registry

Establishing provision for accepting movable collateral

2

 

in exchange for loans has a disproportionate effect on 

enabling women entrepreneurs, since women tend to 

have less access to land and property in their own name. 

In 2017, a Law on the Pledge of Movable Properties in 

Commercial Transactions and associated secondary 

legislation came into force in Turkey. This law has replaced 

an earlier one, with the objective of improving SMEs’ access 

to financing. Tangible movable property is property that 

can be physically moved without causing damage to it, and 

includes receivables, intellectual property rights, including 

trade names, stock and livestock, rental income, tenancy 

rights, vehicles and equipment, agricultural and commercial 

products. Under the pledge agreement, a written agreement 

which can be signed physically (in the presence of the 

Pledged Movable Property Registry official or certified in the 

presence of a notary public) or electronically (via secured 

electronic signature). The Pledged Movable Property 

Registry maintains all records. The Law and associated 

regulations include clear provisions for implementation and 

enforcement of pledges.

Source: 

https://uk.practicallaw.thomsonreuters.com/9-576-0948?transitionTyp

e=Default&contextData=(sc.Default)&firstPage=true&bhcp=1

 (last accessed 29 

November 2018).

2

  IFC (undated); Secured Transactions and Collateral Registries.

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Box 12: 

Introducing government-

backed credit guarantees for 

women-led businesses

In an attempt to overcome the difficulties women face 

in accessing bank finance because of lack of physical 

assets, several countries have put in place public credit 

guarantee schemes. Examples include Croatia, Morocco 

and Pakistan as shown below. 

The State Bank of Pakistan offers a refinance and credit 

guarantee scheme for women borrowers in areas of the 

country that have been under-served until now. Women 

entrepreneurs will be able to borrow for up to five years in 

order to finance their business, whether at start-up or to 

expand. The state bank will provide refinancing at 0 per cent  

to financial institutions participating in the scheme for 

onward lending to eligible women entrepreneurs at a five 

per cent mark-up. The programme is in line with government 

policy, which is targeting under-served regions of the 

country, and especially women entrepreneurs. As part of the 

scheme, banks and financial institutions should respond to 

a request for funds in less than 30 days and provide specific 

feedback in the case of not awarding the loan.

Source: Business Recorder (2017); SBP launches credit guarantee scheme for 

businesswomen