Developing the legal framework for establishment and operation of the first Credit Bureau in Moldova
"I have the pleasure to release the full text of Mr. Jim Aziz's report following his highly successful mission to Chisinau last November 2004 on the development of an integrated credit bureau service. BIZPRO/Moldova had decided to limit circulation to give key private sector stakeholders the opportunity to freely reached consensus on the issues that meet the needs of lenders, borrowers, and the privacy rights of individuals.
We now believe that financial community represented by Financial Services Working Group (FSWG) and Task Force on Credit Bureau (TFCB) has independently reached a private sector orientated approach to the development of a viable credit bureau service. This approach appears consistent with that advocated by Mr. Aziz, and I believe it is now appropriate to share the actual text as a further contribution to this worthwhile initiative.
Finally, I would like to point out that as BIZPRO draws to a close in September, we have reached our objective to raise awareness in the financial community about the value and benefits of a Credit Bureau in Moldova. We and our colleagues in USAID who have greatly supported our efforts to facilitate a private sector-led solution to credit reporting, look forward to hearing of a credit reporting service meeting the needs of the business community and consumer alike in Moldova."
Denis Gallagher,
Counntry Director
