Baku, Azerbaijan, Feb. 23
By Azad Hasanli – Trend:
The International Finance Corporation (IFC) will soon start negotiations with Azerbaijan’s Ministry of Agriculture and Financial Market Supervisory Authority (FIMSA) on introduction of an agricultural insurance system, a source in the IFC told Trend.
“Currently, we continue work on amendments to the legislation and prepare proposals on modernization of agricultural insurance,” said the source adding that there will be a framework law on agricultural insurance.
At the first phase, amendments will be made to the law on stimulation of agricultural insurance, noted the source.
At the next phase, after the adoption of amendments to the above-mentioned law, the preparation of proposals will start on amendments to secondary laws and regulations, including decisions of the Cabinet of Ministers that cover insurance payments and a list of agricultural products that are subject to insurance, added the source.
The source said that in general, as part of the introduction of agricultural insurance, the IFC carries out work in three directions: preparation of amendments to the legislation, enlightenment of farmers and creation of a single data base.
Speaking about the financing the source noted that currently, the IFC projects in Azerbaijan are financed within the program for Europe and Central Asia.
The financing within the program will cover 2017-2018, said the source adding that afterwards, the IFC will start discussions on search of new ways of financing.