Azerbaijan launches 2nd phase of project on agricultural loans insurance
Azerbaijan, Baku, June 2 / Trend A.Akhundov /
The second phase of a joint project of Oxfam and the Azerbaijani Microfinance Association "Mechanism of insurance of agricultural loans" should start in the next few days, Project Coordinator Aykhan Nasibli told Trend.
"The second phase of the project includes the preparation of legal framework, which involves the adoption of amendments to the existing legislation related to agriculture insurance," Nasibli said.
He said one of the objectives of the project is to study the Turkish model.
"The second phase of the project will cover three to four months. After the second month, we intend to visit Turkey to examine its practices," Nasibli said.
The first phase of the project, which included research, study of the situation in Azerbaijan and the international experience, and development of the recommendations, completed in February.
One of the main proposals in the framework of the project is to create a guarantee fund for the regulation of these processes.
According to research, as well as feedback received from the Ministries of Economic Development, Finance and Agriculture, the Central Bank of Azerbaijan and the State Commercial Insurance Company, it was decided:
- to conduct advocacy campaigns for the acceptance of proposals to improve the regulatory framework;
- to develop a draft regulation on the fund;
- on concrete mechanism of the fund;
- on a concrete mechanisms of cooperation of stakeholders;
- to conduct other work on the creation and organization of the guarantee fund.
Nasibli said the last- third stage involves taking the project to the highest state level.