ACRI leverages IFC’s global expertise in developing credit information services and AMF’s regional network of financial market regulators, to promote reforms that support best practice in credit information sharing. In so doing, ACRI raises awareness about the importance of credit information
sharing, while supporting regulators, governmental bodies, and financial institutions in establishing and enhancing credit reporting systems.
ACRI undertakes a number of activities, including confidential in-depth credit market assessments with a common methodology, which are presented to financial market regulators, building capacity and facilitating knowledge sharing between regional financial market regulators about credit information reporting through regional workshops and meetings. Non-confidential overviews are made public to facilitate exchange of information and ideas. With a similar goal of sharing knowledge, this knowledge related portal is dedicated to share ACRI results and other relevant information pertaining to credit information sharing.
Since project inception to date, ACRI has had strong achievements, which contributed positively to the credit reporting landscape in the Arab World. The following are some of them:
- Thirteen Arab countries were assessed, and reports were prepared for authorities to: (i) highlight credit industry dynamics; (ii) underscore issues that will affect and be impacted by credit information sharing; (iii) determine critical success factors and logical dependencies to any credit information sharing; and (iv) provide international best practice examples and case studies.
- Ad-hoc domestic workshops and annual regional events are also organized to raise awareness among relevant authorities, market players, and customers, to stress the importance of undertaking necessary reforms that would provide each country with an efficient credit information sharing system.
- As part of ACRI’s activities in sharing knowledge and experience, IFC and AMF produced a guide to map progress and provide an overview of the credit reporting systems in the region. For the first time, an index representing a quantification of credit reporting in each country has been developed.
Developed a new web-based credit information portal to become the regional point of reference for authorities, lenders, credit reporting agencies and other stakeholders in the region.