IFC and MMA to establish Maldives’ first credit information bureau

The International Finance Corporation (IFC) is to work with the Maldives Monetary Authority (MMA) to establish the country’s first credit information bureau, reports India Infoline.

The creation of a formal mechanism for sharing credit information will improve access to finance for small and medium enterprises, the IFC stated.

“Creating a financial infrastructure that supports informed credit-related decisions and improves access to credit for small and medium enterprises is an important priority for IFC and the Maldives,” said Per Kjellerhaug, IFC Regional Manager. “Establishing a credit information bureau will help the country get closer to achieving this goal.”