Financial Literacy Training for Farmers in Samukh


Financial Literacy Training for Farmers in Samukh

AZAFF, a joint initiate of the EU and the EBRD, successfully conducted third regional training on financial literacy for farmers in Samukh.

The third financial literacy training within the framework of Azerbaijan Agricultural Finance Facility – AZAFF has been organized in cooperation with The State Service on Management of Agricultural Projects and Credits under the Ministry of Agriculture of Azerbaijan Republic in the building of New Azerbaijan Party in Samukh region on April 29, 2016. Importance of planning, farm accountancy and bookkeeping in agriculture, basic characteristics of savings and loan products, roles and working principles of financial institutions, alternative financing options for farmers, tips for establishing a long-term and sustainable relationship with financial institutions, financial projections, need for external funding and timing, estimation of future cash flow and profitability (overall and per activity) are the main topics covered in the financial literacy training.The training received huge interest from the farmers and more than 50 farmers from Samukh and surrounding regions participated to the financial literacy for farmers training.

Gazanfar Aliyev, Deputy of Executive power of Samukh region made opening speech. He welcomed participants and provided information about current agricultural situation in Azerbaijan and introduced AZAFF team members.Following his welcome speech, Ilgar Zeynalov , Director of Ganja Regional Agrarian Science and Information Consultancy Center emhasised that these kind of seminars play huge role for development family budget and relationship with banks by increasing financial literacy of farmers.

AZAFF experts Mr. Ilgar Taghiyev and Mr. Fagan Aghayev delivered the training in an interactice atmosphere. Along with explanation of key concepts, farmers had the chance to implement what they have learned through case studies. Farmers received a booklet that summarizes the training content and includes monthly budget sheets and profitability analysis for activities. The training provided farmers an incentive to keep their budget and make better and informed financial decisions. At the end of the training, participant farmers were awarded with a participation certificate as well.

Financial literacy trainings for farmers within AZAFF will continue to be organized during May, too.

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Our Partners

The technical assistance funds of the project are provided by the EU Neighborhood Investment Facility.

This project is financed by the European Bank of Reconstruction and Development (EBRD).

The technical assistance services within the project are provided by Frankfurt School of Finance and Management.