Financial Literacy Training for Farmers in Goychay


Financial Literacy Training for Farmers in Goychay

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

It is more than one year that Azerbaijan Agricultural Finance Facility-AZAFF project successfully initiated in Azerbaijan. Seven financial literacy trainings have already been conducted in different regions of Azerbaijan. The eighth financial literacy training within the framework of 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 Goychay region on November 11, 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 25 farmers from Goychay region and surrounding areas participated in the financial literacy training.

The Financial Literacy Training was conducted with the support Ministry of Agriculture Goychay District Department. Elchin Ismayilov, Head of Goychay Distrcit Department of Ministry of Agrculture greeted participants and AZAFF team members, emphasized the 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. 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 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 2 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.