DUSHANBE
, February 28, Asia-Plus – A presentation of a Movable Property Pledge Registry – system of electronic notifications on financing of the pledge-secured movable property – will be held in the building of the Ministry of justice in
Dushanbe
on March 1.
The source in the Justice Ministry has told Asia-Plus that this system was worked and funded by the USAID-funded ARD/Checchi’s Commercial Law Project in
Tajikistan
According to the source,
Tajikistan
’s Ministry of Justice and the United States Agency for International Development (USAID) have successfully cooperated on modernization of the financial system through development and implementation of a pledge registry.
“Movable property is a common form of pledge on loans in other countries of the world,” said the source, “But in
Tajikistan
, creditors do not want to provide loan on the pledge of movable property because of lack effective and reliable system of registration.” The development and implementation of a pledge registry will give creditors greater assurance that their rights in pledged assets are adequately protected, which should result in lower costs (i.e., interest rates) for credit.
The USAID has provided technical and financial assistance in implementing the new RT Law “On the Movable Property Pledge” through creating the Pledge Registry in the Ministry of Justice.
The pledge registry presentation is expected to be attended by representatives from the President’s Executive Office, Majlis Oli (Tajikistan’s parliament), as well as more than 60 ministries, organizations, local and international banks and microfinance organizations.
