Financial Literacy Training for Farmers in Beylagan

09/09/2016

Financial Literacy Training for Farmers in Beylagan


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


The seventh financial literacy training within the framework of Azerbaijan Agricultural Finance Facility – AZAFF have been organized in cooperation with The State Service on Management of Agricultural Projects and Credits under the Ministry of Agriculture of Azerbaijan Republic in Beylagan region on September 9, 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. Training received huge interest from the farmers and approximately 30 farmers from the region and surrounding areas participated in the financial literacy training

.

The Financial Literacy Training was conducted with the support Ministry of Agriculture Beylagan District Department. Fagan Aghayev, Key local expert of the project welcomed participants and talked about importance of these kind of trainings on improvement of family budget and relations with banks. 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 trainings content and includes monthly budget sheets and profitability analysis for activities. Training provided farmers an incentive to keep their budget and make better and informed financial decisions. In the seminar problems and questions that farmers interested in  were discussed. . At the end of the trainings, participant farmers were awarded with a participation certificate as well. Next 3 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.