IFC Signs Agreement With the Central Bank of Solomon Islands to Improve Credit Reporting

IFC, a member of the World Bank Group, has signed an agreement with the Central Bank of Solomon Islands (CBSI) to improve credit reporting in the country and improve access to finance for people and micro, small, and medium sized enterprises (MSMEs).  

The agreement is part of a regional effort by IFC, working with banks, financial institutions, credit bureaus and central banks in Solomon Islands, Papua New Guinea and Vanuatu to guide them through the process of moving to comprehensive credit reporting (CCR), which will require regulatory, technical and process changes.

CBSI is the first central bank in the region to sign an agreement with IFC to strengthen its credit reporting legal framework. The framework will enable the central bank to supervise the Solomon Islands Credit Bureau and will strengthen the legal standing of the bureau.