Baku, Azerbaijan, Aug. 1
By Azad Hasanli – Trend:
The International Finance Corporation (IFC) will help Azerbaijan in risks management in its agricultural sector, says a message of Azerbaijan’s Ministry of Agriculture posted on its website.
According to the message, this issue is reflected in the project on agricultural insurance, which has been recently discussed by Azerbaijani Deputy Minister of Agriculture Seyfaddin Talibov and Head of the IFC’s Baku office Aliya Azimova.
The project’s main goal is to develop an agricultural insurance program and with its help to expand the country’s access to financial resources. The project will also improve the financial sustainability of family farms.
During the meeting, representatives of the Azerbaijani Ministry and IFC discussed the cooperation as part of modernization of agricultural insurance mechanisms in the country.
According to Talibov, implementation of the agricultural insurance project is one of priorities for the ministry.
“Our main tasks are the improvement of the relevant legislative basis, as well as the adoption of new laws related to the agricultural insurance,” added the deputy minister.
Azerbaijan has been cooperating with the IFC since 1995. The IFC’s portfolio on Azerbaijan exceeds $400 million and these funds were allocated for implementation of more than 70 projects.