AZAFF successfully conducts fourth regional training on financial literacy for farmers

Baku, July 30, AZERTAC The fourth financial literacy training within the framework of Azerbaijan Agricultural Finance Facility – AZAFF was 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. The training received huge interest from the farmers and 26 farmers from Gobustan and surrounding regions participated to 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 development of agriculture in recent years and emphasized 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. 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 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.