Azernews.Az

By Amina Nazarli

The International Finance Corporation (IFC) will help Azerbaijan in risk management in the agricultural sector, according to Azerbaijan’s Ministry of Agriculture.

This issue is reflected in the project on agricultural insurance, which has been recently discussed by 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.

Talibov believes that the 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.

Azerbaijan seeks to achieve an economy driven by the non-oil sector, but not petrodollars. That means putting more effort to develop local production and more support to agriculture, one of Azerbaijan’s best non-oil sector development options. Enjoying advantageous geographic location Azerbaijan has all possibilities to increase food security and production in the country.

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Amina Nazarli is AzerNews’ staff journalist, follow her on Twitter: @amina_nazarli

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