Financial Literacy Training for Farmers in Gadabay


Financial Literacy Training for Farmers in Gadabay

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

The last financial literacy training within the framework of Azerbaijan Agricultural Finance Facility – AZAFF has been organized in cooperation with the Agency of Agrarian Credit and Development under the Ministry of Agriculture of Azerbaijan Republic in Gadabay on December 11, 2019.

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 trainings. The training received huge interest from the farmers and 23 farmers in total from both regions and surrounding areas participated in the financial literacy for farmer trainings.

Ilgar Taghiyev, Key Agri-lenging expert of the project welcomed participants and gave short information about AZAFF project and introduced the project team to the farmers. Following his opening speech, Mr. İlgar Taghiyev and Mr. Rauf Aghayev delivered the half-day training in an interactive atmosphere and highlighted the importance of these kind of trainings on improvement of family budget and relations with banks. 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.During the training problems and questions that farmers interested in were discussed. At the end of the training, participant farmers were awarded with a participation certificate as well.

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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.