BAKU, Azerbaijan, October 3. The Ministry of Agriculture of Azerbaijan has developed several key support mechanisms aimed at assisting farmers in transitioning to more sustainable and efficient agricultural practices, Deputy Chairperson of Azerbaijan's Agrarian Credit and Development Agency Leyla Jabbarli said at a roundtable discussion on "Creating the Highway for Private Finance" at ADA University as part of Baku Climate Action Week, Trend reports.
"Through a joint project with cooperatives and the Development Agency, various financial instruments have been proposed to help farmers adopt modern technologies. Specifically, this includes incentives for the acquisition of water-saving irrigation systems, which are crucial for protecting the country's land and water resources. Under the program, farmers are required to cover at least 20 percent of the total cost when purchasing modern irrigation systems, highlighting their interest and engagement in the modernization process. The agency covers 40 percent of the expenses through specialized institutions and also assumes the interest on loans," she said.
Jabbarli noted that one of the three main goals of the "Harmony" initiative will be to attract funding for climate projects.
"We aim to discuss opportunities for implementing projects to transform agriculture and the food system in November, in collaboration with state and development banks, as well as numerous international and governmental organizations. Our goal is to identify additional financial resources and develop a comprehensive approach to promoting climate financing," Jabbarli added.