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Agricultural Development Bank of China
CLASS

Uzbekistan, CRIF obtains the license to operate on companies’ rating

June 23, 2020


Abstract : The company from Bologna specialized in commercial information is active in the Asian country together with six local banks. It will create an infrastructure with the support of the Central Bank, which will be crucial in order to open the financial market to foreign investors.

MILAN, June 19 (Class Editori) - The Uzbekistan Central Bank has given to CRIF Kredit-Axborot Xizmatlari, a local subsidiary controlled by the group from Bologna which is active in the commercial information and rating business, the license to create the first private world class credit bureau of the country.

The assignment of the license is the result of the company’s commitment of the last 4 years: founded in 1988 by Carlo Gherardi, the chairman, it has been selected as global player for the creation of a cutting-edge credit bureau infrastructure in order to support the development of the local credit system.

Moreover, the goal has been reached also thanks to the local partnerships’ policy, which has gained the support by the Uzbekistan Central Bank and IFC-International Finance Corporation, member of the World Bank Group, also due to the fact that the main lenders of the country are part of the CRIF Joint Venture: Uzbek Industrial and Construction Bank, Asia Alliance Bank, Invest Finance Bank, Ipak Yuli Bank, Ipoteka-Bank and Hamkorbank.

“Surely, Uzbekistan is living a phase characterized by an interesting economic development. The growing competition and the regional and foreign investments are the symbol of an economic system which is experiencing a stable growth, a positive evolution and the strengthening of infrastructures. In a similar context, CRIF is honored to play a strategic role, together with the local banks involved in the development of the credit system”, as Davide Michele Meo, International Sales and Direct Markets Director of CRIF, has explained, who reports to the group CEO, Eugenio Bonomi.

“Being ready to support the financial inclusion and the risk control with a suitable credit management infrastructure is a key step in order to foster the development of the country system”, the manager has stated.

The creation of the fundamental financial infrastructure will ease the development of the credit market, which will help SMEs - many of them Italian as well - and consumers in their transition towards the most advanced markets, which are based on sophisticated credit reference services and value-added solutions.

At the same time, thanks to the availability of complete and updated information on credit, lenders will be able to offer financial services thanks to sustainable and controllable processes. Moreover, lenders could widen their credit offer to consumers and local SMEs.

All this will lead to a higher financial inclusion in Uzbekistan, one of the key countries along the Belt and Road Initiative routes, thanks to its strategic position in Central Asia and the huge stocks of hydrocarbons: for these reasons, the country became a reference point for China concerning the initiatives in the Belt&Road context.

Uzbekistan is among the most important countries worldwide as for both the natural gas production and stocks, uranium resources and gold digging. The natural gas production amounts at about 67 billion cubic metres per year. It has been esteemed that Uzbekistan exports 16 billion cubic metres of natural gas per year, mainly addressed to Russia but also to China, with stocks which in 2008 amounted at 1,870 billion cubic metres.

The relationships with Italy have considerably been strengthened in the last years, even if exports amount at little more than €300 million. “The growth of interchange has been constant and now we want to seize the challenge in order to fully exploit the potential of our synergies, thanks to investments and ambitious initiatives of economic cooperation”, as Andrea Bertozzi- Italian ambassador in Tashkent, who after four years of mission is leaving the role in order to come back to Rome- explained few days ago.

One of the most significant examples of the collaboration between the two countries is the activity of the Polytechnic University of Turin, which has been active in the country for more than ten years and has become a point of reference for the development of common industrial initiatives involving innovation.

The main areas of interest for Italian exports are consumer goods, mechanical engineering, plant design, and electronics. “Consumers and Uzbek economic operators are strongly attracted by Made in Italy products”, as they have guaranteed to ICE, “but international competition to products and Italian technologies is very hard. The Uzbek market repays products and technologies of medium and medium-high range. The textile industry is driving the bilateral economic collaboration”.

This year, two Italian companies have been the protagonists of two initiatives. In January, one of the global leaders in the bottling field, the AMS Ferrari of Modena, obtained the commission of a plant for the filling and wrapping of beer amounting at €2.5 million, which will be financed thanks to a buyer credit managed by Sace Simest.

Last May, Italcarni of Bova group, announced that a project for the meat production and processing will be developed in Namangan region. The company, which is also active in fresh food products distribution, has noticed the increasing demand of meat products in the domestic market of the Central Asian country and they have agreed on starting the project development as soon as possible.

The Uzbeks have requested to Italy a real support in order to manage their free trade zones and the development of smart cities and regional infrastructures, by leaning on the hub position that Uzbekistan can play in the heart of Central Asia.

At the end of December, the umpteenth result of Chinese investments was launched: a huge chemical complex built by China CAMC Engineering Co., Ldt. And by HQC (Shanghai) Company which allows the country to be independent from PVC and lye imports, and it will also foster an export flow amounting at $40 million.

(Source:Class Editori)

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