Agricultural credit insurance mechanism to be developed in Azerbaijan by late 2012
Azerbaijan, Baku, Dec. 26 / Trend N. Ismayilova /
The Azerbaijani Association of Microfinance Organizations (AMFA) will extend the project "Agricultural Credit Insurance Mechanism" for another year, executive director Jale Hajiyeva told Trend today.
"We have developed an insurance mechanism on agricultural loans within the project," she said.
She said that AMFA has already completed a part of the project to amend the legislation.
We completed the development of the insurance mechanism on agricultural loans," she said. "This includes the charter, rules of the fund's activity. But it is necessary to develop the mechanism of carrying out this process. We need another year."
The project is aimed at making recommendations to improve the mechanism of the analysis of the current situation in this area, as well as to study the international experience.
AMFA's mission is to help the microfinance sector to increase its volume, stability, transparency and quality by ensuring training, information exchange between financial institutions to facilitate the access to financial and non-financial services of the poorest groups of the society. Today, AMFA has 27 members.