Financial Literacy Training for Farmers in Zagatala and Shaki

31/08/2017

Financial Literacy Training for Farmers in Zagatala and Shaki


AZAFF, a joint initiate of the EU and the EBRD, successfully conducted next 2 regional trainings on financial literacy for farmers in Shaki-Zagatala economic region of Azerbaijan.


The next 2 financial literacy trainings 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 Zagatala and Shaki regions on August 30, 2017 and on August 31, 2017 respectively.

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. These trainings received huge interest from the farmers and more than 50 farmers in total from both regions and surrounding areas participated in the financial literacy for farmers trainings.

The first Financial Literacy Training was conducted in Zagatala region on August 30, 2017 with the support of local executive power representatives. Ilgar Taghiyev, Key Agri-lenging 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, Mr. 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 the case studies.

Next training was conducted in Shaki on August 31, 2017. Training received huge interest from local farmers in the region. Farmers emphasized necessity of these kind of trainings and mentioned importance of improvement of literacy in the regions.

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 both seminars 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 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.