Financial Literacy Training for Farmers in Gobustan


Financial Literacy Training for Farmers in Gobustan

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

The fourth 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 Gobustan District Department of Ministry of Agriculture on July 29, 2016. The training received huge interest from the farmers and 26 farmers from Gobustan and surrounding regions participated in the financial literacy for farmers training. 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.

Huseynov Hasanagha, Head of Department, welcomed participants. He talked about developement of agriculture in recent years and emphsized importance of financial literacy in rural areas.

Following the welcome speech, AZAFF expert Mr. Ilgar Taghiyev delivered the half-day training in an interactive atmosphere. 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 in the upcoming period.

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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.