Small and Medium-Sized Enterprise Finance in Uzbekistan: Challenges and Opportunities

Figure 19: Credit Bureau Coverage 
Source: Credit Information and Analytical Center (CIAC), September 2018.
Figure 20: Database of Credit Histories 
Source: Credit Information and Analytical Center (CIAC), September 2018.
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Love, Inessa, and Nataliya Mylenko. Credit Reporting and Financing Constraints. World Bank
Policy Research Working Paper No. 3142. World Bank: Washington, DC, October 2003. See: 
http://elibrary.worldbank.org/doi/pdf/10.1596/1813-9450-3142. 

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ADBI Working Paper 997 
D. Tadjibaeva 
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In order to realize the potential value of credit information in Uzbekistan, the international 
credit rating agency (CRIF) (Italy)
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 signed a strategic partnership agreement with Credit 
Information Analytical Center (CIAC) to develop a credit bureau in Uzbekistan. 
This initiative is part of the Financial Infrastructure Project in Uzbekistan implemented 
within the framework of the World Bank Group – IFC Finance & Markets Global Practice. 
Under the agreement, CRIF owns 35% of the share capital of the private−public 
partnership company. 
CRIF is committed to transferring technology, knowledge and experience to CIAC as 
well as providing efficient services to improve the credit assessment process in the 
country. The partnership between CRIF and CIAC aims to facilitate the introduction of 
state-of-the-art services to analyze credit risks.  
Secured transactions. As part of the IFC, the Azerbaijan and Central Asia Financial 
Inclusion (ACAFI) project on strengthening financial markets infrastructure supported the 
drafting of a legal framework on a secured transaction system. The Law on Collateral 
Registry was enacted in 2014. The publicly accessible, unified, online registry was 
launched in 2015 under the Central Bank of Uzbekistan. This established the types of 
security and creditors’ rights to be notified to the registry, and provides quick notification 
of secured creditors’ status to parties claiming an interest.
Over 418,000 registrations have been made by the users in the Collateral Registry, 
157,000 registrations have been made in connection with the fulfillment of the collateral 
obligations and over 85,000 registrations have been excluded from the Collateral 
Registry. Also, more than 3.8 thousand statements were provided by the Collateral 
Registry to its users.
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The commercial banks made 94.5% entries in the Collateral Registry and 5.4% were 
made by microcredit organizations.